TransCanada selling Ontario solar projects for $540 million to fund natural gas pipeline work

TransCanada CEO Russ Girling. Image: TransCanada

TransCanada says it will sell its Ontario solar portfolio to investment management firm Axium Infrastructure for approximately $540 million.

The asset package is comprised of eight facilities with total generating capacity of 76 megawatts.

The proceeds from the sale will help fund TransCanada’s $24 billion near-term capital program, CEO Russ Girling said in a statement.

The capital program includes expansions to its natural gas pipeline system in Canada, the US and Mexico, as well as smaller oil transmission projects within Alberta, development of the proposed Napanee generating station in Ontario and investment in life extension of Bruce Power assets.

The sale to Axium is expected to close by the end of 2017.

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