TransCanada Announces Agreement to Sell its Share of Cartier Wind Energy
02 August 2018 - 7:31PM
News Release – TransCanada Corporation (TSX:TRP) (NYSE:TRP)
(TransCanada) today announced that it has entered into an agreement
to sell its 62 per cent share of the Cartier wind power facilities,
and its related operating entities, to Innergex Renewable Energy
Inc. for 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.”
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 continues to grow, 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.
The sale is expected to close in the fourth quarter of 2018,
upon satisfaction of closing conditions.
With more than 65 years' experience, TransCanada is a leader in
the responsible development and reliable operation of
North American energy infrastructure including natural gas and
liquids pipelines, power generation and gas storage facilities.
TransCanada operates one of the largest natural gas transmission
networks that extends more than 91,900 kilometres (57,100 miles),
tapping into virtually all major gas supply basins in North
America. TransCanada is a leading provider of gas storage and
related services with 653 billion cubic feet of storage capacity. A
large independent power producer, TransCanada currently owns or has
interests in approximately 6,100 megawatts of power generation in
Canada and the United States. TransCanada is also the developer and
operator of one of North America’s leading liquids pipeline systems
that extends approximately 4,900 kilometres (3,000 miles),
connecting growing continental oil supplies to key markets and
refineries. TransCanada’s common shares trade on the Toronto and
New York stock exchanges under the symbol TRP. Visit
TransCanada.com to learn more, or connect with us on
social media.
FORWARD-LOOKING INFORMATION
This publication contains certain information that is
forward-looking and is subject to important risks and uncertainties
(such statements are usually accompanied by words such as
"anticipate", "expect", "believe", "may", "will", "should",
"estimate", "intend" or other similar words). Forward-looking
statements in this document are intended to provide TransCanada
security holders and potential investors with information regarding
TransCanada and its subsidiaries, including management's assessment
of TransCanada's and its subsidiaries' future plans and financial
outlook. All forward-looking statements reflect TransCanada's
beliefs and assumptions based on information available at the time
the statements were made and as such are not guarantees of future
performance. Readers are cautioned not to place undue reliance on
this forward-looking information, which is given as of the date it
is expressed in this news release, and not to use future-oriented
information or financial outlooks for anything other than their
intended purpose. TransCanada undertakes no obligation to update or
revise any forward-looking information except as required by law.
For additional information on the assumptions made, and the risks
and uncertainties which could cause actual results to differ from
the anticipated results, refer to the Quarterly Report to
Shareholders dated April 26, 2018 and 2017 Annual Report filed
under TransCanada's profile on SEDAR at www.sedar.com and with the
U.S. Securities and Exchange Commission at www.sec.gov.
Media Inquiries:Terry Cunha403.920.7859 or
800.608.7859
TransCanada Investor & Analyst
Inquiries:David Moneta / Duane Alexander403.920.7911 or
800.361.6522
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