TC Energy (former TransCanada) has decided to sell interests in three gas-fired CCGT power plants in Ontario (Canada) to a subsidiary of Ontario Power Generation, for approximately CAD2.87bn (US$2.2bn). The power plants include the 683 MW Halton Hills power plant, the 900 MW Napanee power project that will soon be commissioned and TC Energy’s 50% stake in the 550 MW Portlands Energy Centre. The transaction is expected to close in late 2019 pending regulatory approvals and commissioning of the Napanee power project.
Following the sale of the three power plants, TC Energy will retain investments in six gas-fired power plants in Canada and the Bruce Power nuclear power plant, corresponding to an installed capacity of around 4,200 MW. The group is currently investing in extending the lifetime of its Bruce Power nuclear power plant by 2023 under a CAD2.2bn (US$1.7bn) investment programme, which could be raised by CAD 6bn (US$4.6bn) under a long-term agreement with the Ontario Independent Electricity System Operator.
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