This financial transaction is expected to close by the end of 2017. Image: zak zak / Flickr
TransCanada Corporation has entered into an agreement to sell its PV portfolio of eight facilities in Ontario with a total generation capacity of 76MW to Axium Infinity Solar — a subsidiary of Axium Infrastructure Canada II Limited Partnership — for $540 million.
This financial transaction is expected to close by the end of 2017 — subject to certain regulatory and other approvals as well as customary closing adjustments.
Russ Girling, TransCanada's president and chief executive officer, said: "This transaction demonstrates our financial discipline as we continue to build on our vision of being North America's leading energy infrastructure company. The proceeds from this sale will help fund our $24 billion near term capital program while maximizing value for our shareholders."
A large independent power producer, TransCanada currently owns or has interests in approximately 6,200MW of power generation in Canada and the United States.