CALGARY, Alberta, Aug. 02, 2018 (GLOBE NEWSWIRE) — News Release – TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) today announced that it has entered into an agreement to sell its 62 per cent share of the Cartier wind power facilities, and its related operating entities, to Innergex Renewable Energy Inc. for approximately $630 million. Located in Québec, the Cartier assets include five wind farms with a total generating capacity of 590 megawatts, of which TransCanada’s share is 365 megawatts.
“This transaction allows us to capture the high value the market places on contracted renewable energy assets and redeploy the proceeds into our near-term growth projects,” said Russ Girling, TransCanada’s president and chief executive officer. “We are well positioned to fund our near-term capital program through our growing internally generated cash flow, along with a broad spectrum of financing levers including access to capital markets and further portfolio management activities.”
Following the sale of Cartier, TransCanada will continue to be one of Canada’s largest private-sector power generators, producing enough power to meet the needs of more than six million homes. The company’s power portfolio continues to grow, with the construction of a 900-megawatt natural gas-fired power plant in Napanee, Ontario and commitments to major refurbishments at the Bruce Power nuclear facility in Ontario.
The sale is expected to close in the fourth quarter of 2018, upon satisfaction of closing conditions.
With more than 65 years’ experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TransCanada operates one of the largest natural gas transmission networks that extends more than 91,900 kilometres (57,100 miles), tapping into virtually all major gas supply basins in North America. TransCanada is a leading provider of gas storage and related services with 653 billion cubic feet of storage capacity. A large independent power producer, TransCanada currently owns or has interests in approximately 6,100 megawatts of power generation in Canada and the United States. TransCanada is also the developer and operator of one of North America’s leading liquids pipeline systems that extends approximately 4,900 kilometres (3,000 miles), connecting growing continental oil supplies to key markets and refineries. TransCanada’s common shares trade on the Toronto and New York stock exchanges under the symbol TRP. Visit TransCanada.com to learn more, or connect with us on social media.