Canadian TC Energy Completes Power Plant Sale
Canada’s TC Energy said April 29 it had completed the sale – initially announced in July 2019 – of its interests in three gas-fired power plants in the province of Ontario for net proceeds of about C$2.8bn (US$2.02bn).
The facilities include the wholly owned 683-MW Halton Hills power plant and 900-MW Napanee generating station and TC Energy’s 50% interest in the 550-MW Portlands Energy Centre in Toronto. The interests were sold to Atura Power, a newly-created subsidiary of Ontario Power Generation (OPG), which owns the other 50% of Portlands and which will operate the three plants along with Brighton Beach generating station, which OPG gained full ownership of from Canadian Utilities in 2019.
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“Completing this transaction further strengthens our financial position, helps fund our industry-leading secured capital program and maximises value for our shareholders,” TC Energy CEO Russ Girling said. “When combined with the sales of Coolidge, an interest in Northern Courier and certain US midstream assets in 2019, TC Energy has realized approximately C$6.2bn from portfolio management activities over the last year.”
Following the sale of the three plants, TC Energy’s power-generation portfolio now includes investments in six low-emission gas-fired power plants and the Bruce Power nuclear facility, which together represent about 4,200 MW of generating capacity.