The auction of a portfolio of distributed generation assets that AltaGas recently put up for sale has moved into a second round of bidding.

Scotiabank and Greentech Capital Advisors are running the auction process for the assets, which AltaGas owns as a result of its $8.4 billion acquisition of Washington D.C.-based gas utility holding company WGL Holdings as previously reported (PFR, 3/214/16).

The final round of bidding will take place in late June, with financial and strategic investors among those considering the portfolio, say investment bankers based in Calgary and New York who are following the process.

The initial pool of bidders included infrastructure and pension funds, says a Calgary-based banker.

The 190 MW portfolio comprises combined-heat-and-power, residential solar and fuel cell assets, and generates about $65 million in cash flows annually, according to a marketing teaser distributed as part of the sale process.

Officials at Scotiabank in Toronto, Greentech in New York and AltaGas did not respond to inquiries by press time.

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