Canadian Utilities selling Canadian fossil fuel based power assets

CALGARY, A.B. – Canadian Utilities Ltd. says it has signed agreements to sell its entire Canadian fossil fuel-based electricity generation portfolio for approximately $835 million.

Under a deal with Heartland Generation Ltd., an affiliate of Energy Capital Partners, the company will sell 11 partly or fully owned natural gas-fired and coal-fired electricity generation assets in Alberta, British Columbia and Ontario.

Canadian Utilities has also signed an agreement to sell its 50-per-cent stake in the Cory Cogeneration Station near Saskatoon to SaskPower International.

The sales do not include Ashcor Technologies, the Oldman River Hydro Facility or any international projects.

Canadian Utilities says that following the sales it will have approximately 250 megawatts of electricity generation assets in Canada, Mexico and Australia.

The company, which is an Atco Ltd. subsidiary, says the sale concludes a strategic evaluation announced last year.