Public Service Company of Colorado entered into an definitive agreement to acquire Manchief Power Plant from Atlantic Power Corporation (TSX:ATP) for $45.2 million on May 24, 2019. The deal value is subject to working capital and other customary adjustments. In connection with the power purchase agreement, upon closing of the sale, Atlantic Power Corporation will enter into a guaranty agreement, under which it will agree to absolutely, unconditionally and irrevocably guarantee the full and prompt payment of all payment obligations of Manchief Holding LLC under the Purchase Agreement as and when they shall become due. The transaction is subject to closing conditions and approvals, including obtaining approval of the Federal Energy Regulatory Commission and the Colorado Public Utilities Commission which are expected within approximately 11 months of filing. In October, the Federal Energy Regulatory Commission approved the transaction. Also in October, the Colorado Public Utilities Commission established a schedule in Public Service Co. of Colorado's application for a Certificate of Public Convenience and Necessity for the acquisition of Manchief and related cost recovery. All regulatory approvals required for the transaction have been received.

The transaction is expected to close in May 2022, following the expiration of the power purchase agreement. Proceeds of the sale are expected to be used to reduce the remaining principal amount of the Atlantic Power's Senior Secured Term Loan. Michael Pignato of Dorsey & Whitney LLP and Morgan, Lewis & Bockius LLP acted as legal counsel to Xcel Energy Inc, parent of Public Service Company of Colorado. Eversheds Sutherland US LLP and Holland & Hart LLP acted as legal counsel to Atlantic Power Corporation.

Public Service Company of Colorado completed the acquisition of Manchief Power Plant from Atlantic Power Corporation (TSX:ATP) on May 2, 2022.