TransCanada selling ownership of Quebec wind farms to Innergex for $630-million

TransCanada selling ownership of Quebec Wind Farms – TCPL has a 62 per cent stake of the project that includes five wind farms with a total generating capacity of 590 megawatts.

CALGARY — Innergex Renewable Energy Inc. will become the owner of five wind farms in the Gaspe Peninsula in Quebec under an agreement announced last week to buy out TransCanada Corp.’s 62 per cent stake of the project for $630 million.

In a news release – Innergex CEO Michel Letellier states that the Cartier wind farms add 366 megawatts of net installed capacity to Innergex’s existing portfolio and will help growth.

“We have always considered Cartier Wind Farms as an integral part of our business and the transaction fits seamlessly with our growth strategy and allows us to expand in Quebec, the province where Innergex laid its roots.” – Michel Letellier

The sale to Innergex Renewable Energy Inc is expected to be completed in the fourth quarter of 2018, according to TransCanada. 

TransCanada has said it 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, after the sale concludes.

The company noted that their Canadian power portfolio will continue to grow, including 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.

Meanwhile, talks are ongoing for their major U.S. Pipeline project – Keystone XL

TransCanada CEO Russ Girling with President Trump

Russ Girling, TransCanada’s president and chief executive officer said he welcomes news that the Nebraska Supreme Court will speed up a legal battle over the proposed route of the Keystone XL pipeline project through the state.

“We remain confident the public interest determination of the Nebraska Public Utilities Commission was lawful and expect the Nebraska Supreme Court could reach a decision by late 2018 or the first quarter of 2019,” – Girling

Once completed, the $8-billion, 1,897-kilometre pipeline would deliver oil from Canadian Oil Sands to Texas Gulf Coast refineries.

Wind Wednesday 

Cheers!

Kelly. 

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