Veresen selling power generation business for $1.18B

Company's power assets to be sold in three separate packages.

CALGARY — Veresen Inc. is selling its power generation business to several buyers for a total of $1.18 billion.

The Calgary-based company didn’t identify the buyers in its announcement.

According to its website, Veresen’s power business includes a combination of gas-fired, hydro-electric, wind and other types of alternative energy sources across Canada and in the US.

Veresen says its power assets would be sold in three separate packages, with closings expected during the second quarter.

The company says the sales will help fund capital projects in its core businesses.

Veresen owns interests in natural gas pipelines, natural gas processing and storage infrastructure and a planned liquefied natural gas export terminal in Oregon.

News from © Canadian Press Enterprises Inc. 2016

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