TransCanada Corporation (TSX/NYSE: TRP) has entered into an agreement to sell its Ontario solar portfolio comprised of eight facilities with a total generating capacity of 76 megawatts to Axium Infinity Solar LP, a subsidiary of Axium Infrastructure Canada II Limited Partnership, for approximately $540 million.
The transaction is expected to close by the end of 2017 subject to certain regulatory and other approvals as well as customary closing adjustments.
“This transaction demonstrates our financial discipline as we continue to build on our vision of being North America’s leading energy infrastructure company,” said Russ Girling, TransCanada’s president and chief executive officer. “The proceeds from this sale will help fund our $24 billion near term capital program while maximizing value for our shareholders.”
Axium Infrastructure Inc. is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Axium manages dedicated infrastructure funds having approximately $2.6 billion in assets under management as of June 30, 2017, as well as more than $1 billion in co-investments.
“The acquisition of this portfolio is in line with our objective of assembling a strong and diversified renewable energy portfolio in North-America,” said Juan Caceres, Vice President and Senior Investment Director of Axium. “With the addition of these eight new solar assets, our portfolio now comprises investments in 39 solar installations across Canada and the US which have a total footprint of approximately 500 MW.”
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