BlackRock Backs Capital Power in $1.1 Billion US Gas Deal (1)

Capital Power Corp. agreed to buy two US natural gas-fired power plants in a $1.1 billion deal that’s partly backed by BlackRock Inc. and would make the Canadian company one of North America’s largest generators.

BlackRock and Capital Power are forming a 50/50 partnership to buy the Harquahala generating facility in Arizona, and the Canadian company also is buying the La Paloma generating facility in California, according to a statement Monday. Capital Power is partly financing the deal with a C$300 million ($218 million) public bought offering and a C$100 million private placement with provincial pension fund manager Alberta Investment ...