Clean Power Income Fund (CPIF), a trust that has invested in wind farms in both Canada and the U.S., has announced that it is prepared to accept a competitive bid from Macquarie Power & Infrastructure Income Fund, which values the company at C$226 million.
CPIF would expand Macquarie's portfolio to include assets such as wind, water and biomass power generation facilities, the company says. The Clean Power fund owns 15 generating plants in Quebec, Ontario, Alberta, British Columbia and four U.S. states with a total capacity of 303 MW, while Macquarie's portfolio includes Cardinal, a 156 MW gas-fired cogeneration plant in Cardinal, Ontario.
Algonquin Power Income Fund has also bid for CPIF for about C$5.47 per unit. Macquarie's offer, worth about C$6.39 a unit, tops Algonquin's bid. According to the companies Algonquin has until April 18 to match or top Macquarie's offer.
