04:49 PM EST, 12/10/2024 (MT Newswires) -- Capital Power ( CPXWF ) after close Tuesday said it plans a bought-deal share offering to raise $350 million.

The company said it is selling an underwriting syndicate 5.96-million shares priced at $58.80, along with an over-allotment option of 894,000 shares.

The company intends to use the proceeds to fund future potential acquisitions and growth opportunities and for general corporate purposes.

"North American power demand is undergoing unprecedented and multi-faceted growth, highlighting the need for reliable generation," said chief executive Avik Dey. "Amid this backdrop, we are focused on opportunities to enhance our strategically positioned asset base but remain disciplined and focused on achieving our stated investment return thresholds. This financing, together with our recent renewable sell-down transaction, augments our strong balance sheet and positions us well to fund future growth opportunities."

Capital Power ( CPXWF ) shares closed down $2.03 to $61.57 on the Toronto Stock Exchange.