TransCanada announced that it has entered into an agreement to sell its 62% shares in Québec’s 365-MW Cartier wind-power facilities, and its related operating entities, to Innergex Renewable Energy Inc. for about $630 million.
“This transaction allows us to capture the high value the marketplaces 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.
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 sale is expected to close in the fourth quarter of 2018, upon satisfaction of closing conditions.
“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,” adds Girling.
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