CAD2.8bn acquisition of natural gas assets in Canada finalized
Ontario Power Generation Inc. (OPG), under a new subsidiary that will be doing business as Atura Power, has finalized the acquisition of a portfolio of combined-cycle natural gas-fired plants in Ontario. The natural gas assets had previously been owned by TC Energy.
The total purchase price for the acquisition was approximately CAD2.8 billion (US$2 billion), subject to customary closing adjustments. Any profits generated from these assets will stay in Ontario for the benefit of Ontarians.
RBC Capital Markets acted as a financial advisor to OPG on this transaction.
The portfolio consists of:
- 100% ownership of Napanee Generating Station (900 MW)
- 100% ownership of Halton Hills Generating Station (683 MW)
- Remaining 50% ownership of Toronto’s Portlands Energy Centre (50% of 550 MW)
Atura Power has been established to operate and manage this portfolio of natural gas assets, which are strategically important to the current and future electricity system.
OPG is the largest electricity generator in the province, providing about half the power Ontarians rely on every day. It is also one of the most diverse generators in North America with expertise in nuclear, hydro, biomass, solar, and gas.
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