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TransCanada Expects To Sell Power Marketing Business For $435 Million
TransCanada announced that it expects to realize $435 million in a future sale of Northeast power marketing business, which is expected to be realized going forward.
A buyer for the Northeast power marketing business was not announced.
TransCanada announced that it has reached agreements with two buyers for its portfolio of northeast generation assets
TransCanada reached an agreement to sell its Ravenswood, Ironwood, Ocean State Power and Kibby Wind generating assets, totaling 3,950 MW, to Helix Generation, LLC, an affiliate of LS Power Equity Advisors for $2.2 billion
The portfolio being sold to the LS Power affiliate consists of the following four generation facilities:
• Ravenswood (Queens, New York) – 2,480 megawatts, multiple-unit generating natural gas facility using dual fuel-capable steam turbine, combined-cycle and combustion turbine
• Ironwood (Lebanon, Pennsylvania) – 778 megawatts, natural gas combined-cycle facility
• Ocean State Power (Burrillville, Rhode Island) – 560 megawatts, natural gas combined-cycle facility
• Kibby Wind (Franklin County, Maine) – 132 megawatts, wind farm
The transaction is expected to close in the first quarter of 2017, pending receipt of necessary regulatory approvals and third-party consents.
TransCanada also reached an agreement to sell its TC Hydro business to Great River Hydro, LLC, an affiliate of ArcLight Capital Partners, LLC for $1.065 billion
The TC Hydro business includes 13 facilities totaling 584 MW on the Connecticut and Deerfield rivers in Vermont, New Hampshire and Massachusetts. The portfolio includes the 192 MW Moore facility, and 12 other facilities totaling 392 MW. The transaction is expected to close in mid-2017, subject to customary regulatory and other approvals.
TransCanada expects to realize approximately $3.7 billion from the monetization of its U.S. Northeast Power business, including the sale of the marketing business and generation assets.
TransCanada will use the proceeds to finance its acquisition of Columbia Pipeline Group, Inc.
With the sales, TransCanada is exiting the U.S. merchant power business
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TransCanada Announces Sales of Northeast Generation Assets
October 31, 2016
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Copyright 2010-16 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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