TransCanada selling stake in five Quebec wind farms to Innergex
Quebec renewable energy firm expects the acquisition to generate $82.9 million.
CALGARY — TransCanada Corp. says it has agreed to sell its 62% stake in five wind farms in Quebec’s Gaspe peninsula to Innergex Renewable Energy Inc. for about $630 million.
The Cartier wind power facilities currently have a total generating capacity of 590 megawatts and Innergex says the long-term plan is to generate approximately 1,780 gigawatts – enough to power about 80,900 Quebec households.
The electricity produced by the wind farms is sold under existing agreements at fixed prices for terms of 20 years with Hydro-Quebec.
Innergex says it expects the acquisition to generate revenues of approximately $82.9 million.
The sale is subject to closing conditions and is expected to close in the fourth quarter of 2018.
Following the sale, TransCanada says 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.
“The transaction fits seamlessly with our growth strategy and allows us to expand in Quebec, the province where Innergex laid its roots,” said Innergex president and CEO Michel Letellier.