A Canadian energy company is paying $355 million for Bridgeport Energy LLC and its 520-megawatt, gas-fired power plant in that Connecticut shoreline city, The Winnipeg Free Press reports.
Capital Power Corp., based in Edmonton, Alberta, says it will sell 8.1 million of its shares for Canadian $24.90 each to an underwriting syndicate to finance the purchase.
The sale to underwriters, co-led by TD Securities and CIBC World Markets, will raise $201.7 million.
The underwriters have also been granted an over-allotment option for up to an additional 1.2 million shares which, if exercised, would increase the financing to $231.9 million.
The acquisition came Tuesday as Capital Power reported a loss of $1 million or four cents per share for the quarter ended Dec. 31, compared with a profit of $7 million or 33 cents per share a year ago.
 Revenue totalled $440 million, down from $497 million.
Capital Power has interests in 32 facilities in North America.
