CALGARY — TransCanada Corp. has signed a deal to sell its Ontario solar portfolio for $540 million to a subsidiary of Axium Infrastructure Canada II Limited Partnership.

The assets include eight facilities with a total generating capacity of 76 megawatts.

TransCanada chief executive Russ Girling says the proceeds from this sale will help fund the company’s $24-billion near-term capital program.

The deal is expected to close by the end of the year, subject to regulatory and other approvals as well as customary closing adjustments.

In addition to its pipeline network, TransCanada owns or has interests in 6,200 megawatts of power generation in Canada and the United States.

 

The Canadian Press