TC Energy completes the sale of Ontario natural gas-fired power plants for proceeds of $2.8 billion
April 29 2020 - 4:30PM
News Release – TC Energy Corporation (TSX, NYSE: TRP)
(TC Energy) today announced that it has completed the sale of
its interests in three Ontario natural gas-fired power plants to a
subsidiary of Ontario Power Generation Inc. for net proceeds of
approximately $2.8 billion prior to post-closing adjustments. The
facilities include the 683-megawatt Halton Hills power plant, the
900-megawatt Napanee generating station and TC Energy’s 50 per cent
interest in the 550-megawatt Portlands Energy Centre.
“Completing this transaction further strengthens our financial
position, helps fund our industry-leading secured capital program
and maximizes value for our shareholders,” said Russ Girling, TC
Energy President and Chief Executive Officer. “When combined with
the sales of Coolidge, an interest in Northern Courier and certain
U.S. Midstream assets in 2019, TC Energy has realized approximately
$6.2 billion from portfolio management activities over the last
year.”
TC Energy’s portfolio of high-quality, long-life energy
infrastructure assets now includes investments in six low-emission
natural gas-fired power plants and the Bruce Power nuclear
facility, resulting in a combined generating capacity of
approximately 4,200 megawatts. Bruce Power, which provides Ontario
with over 30 per cent of its electricity, is undertaking a
life-extension program that will see TC Energy invest approximately
$2.4 billion by 2023 with the potential for another $5.8 billion
thereafter under a long-term agreement with the Ontario Independent
Electricity System Operator.
About TC EnergyWe are a vital part of everyday
life – delivering the energy millions of people rely on to power
their lives in a sustainable way. Thanks to a safe, reliable
network of natural gas and crude oil pipelines, along with power
generation and storage facilities, wherever life happens – we’re
there. Guided by our core values of safety, responsibility,
collaboration and integrity, our more than 7,300 people make a
positive difference in the communities where we operate across
Canada, the U.S. and Mexico.
TC Energy’s common shares trade on the Toronto (TSX) and New
York (NYSE) stock exchanges under the symbol TRP. To learn more,
visit us at TCEnergy.com.
FORWARD-LOOKING INFORMATION
This release contains certain information that is
forward-looking and is subject to important risks and uncertainties
(such statements are usually accompanied by words such as
"anticipate", "expect", "believe", "may", "will", "should",
"estimate", "intend" or other similar words). Forward-looking
statements in this document are intended to provide TC Energy
security holders and potential investors with information regarding
TC Energy and its subsidiaries, including management's assessment
of TC Energy's and its subsidiaries' future plans and financial
outlook. All forward-looking statements reflect TC Energy's beliefs
and assumptions based on information available at the time the
statements were made and as such are not guarantees of future
performance. As actual results could vary significantly from the
forward-looking information, you should not put undue reliance on
forward-looking information and should not use future-oriented
information or financial outlooks for anything other than their
intended purpose. We do not update our forward-looking information
due to new information or future events, unless we are required to
by law. For additional information on the assumptions made, and the
risks and uncertainties which could cause actual results to differ
from the anticipated results, refer to the Fourth Quarter 2019
Financial Highlights release and the 2019 Annual Report filed under
TC Energy's profile on SEDAR at www.sedar.com and with the U.S.
Securities and Exchange Commission at www.sec.gov.
Media Inquiries:Jennifer Link403.920.7859 or
800.608.7859
Investor & Analyst Inquiries:David Moneta /
Hunter Mau403.920.7911 or 800.361.6522
PDF
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