Keystone XL pipeline operator TransCanada Corp said on Thursday it would sell its 62 percent stake in Cartier wind power facilities in the Gaspé peninsula in Québec to Innergex Renewable Energy Inc for about $630 million (US$484 million).
The assets include five wind farms with a total generating capacity of 590 megawatts, of which TransCanada’s share is 365 megawatts.
The sale is expected to close in the fourth quarter of 2018.
Update: Innergex currently owns the remaining interests in the Cartier wind farms and Cartier operating entities. With the deal, it will become the sole owner and operator of the assets, Innergex said in a statement.
Based in Longueuil, Québec, Innergex is backed by Caisse de dépôt et placement du Québec.
(Reporting by Laharee Chatterjee in Bengaluru)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)