TransCanada Corp. (TansCanada, TSX, NYSE: TRP) signed a contract with the Ontario Power Authority (OPA) to develop, own and operate a new 900 MW natural gas-fired power plant. The facility will be located at Ontario Power Generation’s Lennox Generating Station property in the town of Greater Napanee in eastern Ontario.
Details of the contract are based on terms of the memoranda of understanding that were signed in late September. The Napanee power plant will be a replacement plant for the one that was planned in the community of Oakville. Napanee will operate under a 20-year power purchase agreement with the OPA. There is no word on when construction is expected to begin.
TransCanada currently operates the 683 MW Halton Hills Generating Station in Ontario, and has a 50 percent ownership in the 550 MW Portlands Energy Centre in Toronto.
Read more new gas projects news