EDMONTON, Alberta – Capital Power Corporation (TSX: CPX) and Capital Power L.P., the legal entity that indirectly holds substantially all of Capital Power Corporation’s assets (together, “Capital Power” or the “Company”), today announced the closing of the Company’s sale of its three New England, natural gas-fired power generation facilities to Emera Inc. (TSX: EMA) for US$541 million.
The transaction was previously announced in August 2013 and includes the sale of the Bridgeport, Tiverton, and Rumford facilities and certain emissions credits.
“With the sale of the New England assets, Capital Power’s merchant power activities are now focused entirely in Alberta,” said Brian Vaasjo, President and CEO of Capital Power. “The sales proceeds from the New England assets will primarily be used to fund our joint investment in the 800 megawatt Shepard Energy Centre (“Shepard”), which is currently under construction in Calgary and expected to begin commercial operations in early 2015.”
“When the Shepard project is completed, Capital Power will have approximately 2,355 megawatts of contracted and merchant generation capacity in the Alberta market, strengthening our position and ability to capture value,” continued Mr. Vaasjo. “We continue to pursue additional high value investment opportunities in Alberta’s growing electricity market.”