TransCanada completes sale of U.S. northeast power generation assets

Source: TransCanada

TransCanada has completed the sale of its remaining U.S. Northeast merchant power generation assets to Helix Generation, LLC, an affiliate of LS Power Equity Advisors, for approximately US$2.1 billion.

Kibby Wind (Source: TransCanada)
 

TransCanada Corporation has completed the sale of its remaining U.S. Northeast merchant power generation assets to Helix Generation, LLC, an affiliate of LS Power Equity Advisors, for approximately US$2.1 billion including a purchase price adjustment as a result of an unplanned outage at Ravenswood prior to close. Proceeds from this transaction will be used to fully retire the remaining acquisition bridge facilities that partially funded the acquisition of the Columbia Pipeline Group.

The sale to Helix Generation, LLC includes four power facilities: Ravenswood, Ironwood, Ocean State and Kibby Wind, which collectively produce close to 4,000 megawatts.

After assessing its options, the company intends to wind down its TransCanada Power Marketing Ltd (TCPM) operations and realize the value of the remaining marketing contracts and working capital over time. Including the closing of this transaction, the prior sale of its hydro generation assets and the wind down of TCPM, TransCanada expects to realize approximately US$3.7 billion from the monetization of its U.S. Northeast merchant power business.

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