Even after the Cartier sale is complete, TransCanada says it will be one of Canada’s largest private-sector power generators, producing enough electricity to power over six million homes.  Company photo.

TransCanada deal valued at $630 million

TransCanada Corporation announced on Thursday that it has agreed to sell its 62 per cent share of the Cartier wind power facilities, and its related operating entities, to Innergex Renewable Energy Inc.

The deal, which is expected to close in the fourth quarter of this year, is valued at 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.”

The Calgary-based company says that 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 is expanding 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.