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Emera to acquire natural gas generation facilities

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August 28
1:04 PM 2013

Emera Inc. had entered into an agreement to acquire three combined cycle gas fired electricity generating plants in New England. The acquisition of the said facilities was from Capital Power Corporation. The deal would add 1,050 megawatts to Emera's northeast generation capacity. It would also represent an investment of USD541 million.

Chris Huskilson, President and CEO of Emera Inc. said, "These are quality assets, in a region Emera knows very well, having operated in the New England gas and electricity markets for more than a decade. Adding gas generation to our existing generation portfolio of wind and hydro assets in the northeast has been a strategic objective for Emera. We are pleased to have acquired these particular assets, which are highly efficient, well situated, and low emitting, and which we believe can deliver value to our business."

Emera had planned to finance the acquisition through a combination of cash and short term credit resources on closing. It had also expected to finance the purchase with combined equity and debt to consistently maintain strong financial position. The transaction had been expected to close by the end of 2013 subject to regulatory approvals.

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