CALGARY – Fort Chicago Energy Partners LP (TSX:FCE.UN) announced Monday that it plans to acquire a 33-megawatt hydro-electric power generation plant in upstate New York, just south of Lake Ontario, for US$80 million.

Through a subsidiary, Fort Chicago will acquire 100 per cent of the plant’s owner, Northbrook New York, LLC., with the transaction to be financed from existing bank facilities.

The acquisition is expected to close in the first quarter of 2010, subject to certain conditions including approval from U.S. federal and New York state authorities.

Fort Chicago said it intends to explore opportunities to have longer-term sales contracts. It’s currently sold its power under two-year contracts.

Fort Chicago is a publicly traded limited partnership based in Calgary. It has interests in two pipeline systems, a natural gas liquids extraction business and power generation plants in several Canadian provinces and U.S. states.

Units of Fort Chicago were up six cents at $9.71 in early trading on the Toronto Stock Exchange.

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