OPG subsidiary reaches agreement with affiliates of TC Energy to acquire natural gas assets

Subscribe to our newsletter and get the latest news and business opportunities in your inbox

Ontario Power Generation (OPG), under a new subsidiary, has entered into a purchase agreement with affiliates of TC Energy (formerly TransCanada Corporation) to acquire a portfolio of combined-cycle natural gas-fired plants in Ontario.

Total purchase price for this acquisition is CAD2.87 billion (US$2.18 billion) subject to customary closing adjustments. The transaction is also subject to receipt of standard regulatory approvals. Future 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.

Acquiring portfolio of combined-cycle natural gas-fired plants in Ontario from affiliates of TC Energy:

  • 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)

In addition to these assets, OPG entered into a purchase and sale agreement with affiliates of Canadian Utilities Limited in June to acquire the remaining 50% interest in the 560 MW combined-cycle natural gas-fired Brighton Beach Generating Station. OPG already owns 50% of the Brighton Beach Generating Station.

OPG is the largest electricity generator in the province, providing almost 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.

List of the country updates

Country updates

  • August 16, 2019

    Canadian Solar, Direct Energy Business sign long-term PPA on 23 MW Suffield solar project in Canada

    Suffield Solar, a subsidiary of Canadian Solar, and Direct Energy Business, part of Direct Energy, have announced that they have signed a long-term agreement to purchase all electrical output and asso...

    Read more
  • August 09, 2019

    Canada Infrastructure Bank signs MoU with the City of Richmond’s Lulu Island Energy Company

    Canada Infrastructure Bank (CIB) and Lulu Island Energy Company have announced the signing of a Memorandum of Understanding (MOU) formalizing their collaboration to develop a new district energy proje...

    Read more
  • August 07, 2019

    Nova Scotia updates renewables procurement round for federal buidings

    The Government of Nova Scotia has updated the competitive bidding process for new renewable energy projects that will supply power for facilities owned by the federal state in the province.  Nov...

    Read more
  • August 05, 2019

    BayWa sets to acquire National Solar Distributors Inc

    Renewable energy developer, BayWa re, is taking over the Canadian solar distributor and service provider National Solar Distributors Inc.  Established in 2014, National Solar Distribut...

    Read more
  • July 30, 2019

    North35 Capital Partners, Graham Capital team up for Indigenous Infrastructure Fund (IIF)

    North35 Capital Partners, an Indigenous-led advisory firm today entered into a Development Agreement with Graham Capital, the equity developer of public infrastructure and public-private partnerships...

    Read more

Share this update