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Industry News

Westcoast Energy in Plant Sale to TransCanada

LCG, Sept. 7, 2000Westcoast Energy Inc. of Vancouver, British Columbia said yesterday it would sell two Canadian cogeneration power plants and its 50 percent interest in three others to TransCanada Power of Calgary.

The deal will bring Westcoast $234 million Canadian ($160 million U.S.) is cash and TransCanada will assume $512 million ($348 million) in debt associated with the plants. Westcoast said it will report a net gain after taxes and other costs of about $75 million ($50 million) on the sale.

Michael Phelps, chairman and chief executive of Westcoast, said "This sale is at a very attractive price and will allow us to redeploy the proceeds to new power generation and other projects that are part of our ongoing capital investment program."

Phelps said Westcoast would focus on opportunities in the merchant power business. The cogeneration assets being sold to TransCanada are:

  • A 100 percent interest in the 250 megawatt Island Cogeneration Plant near Campbell River, British Columbia, which is expected to begin operation in the fourth quarter of 2000.

  • A 100 percent interest in the 110 megawatt Fort Frances Cogeneration Plant in Fort Frances,Ontario.

  • A 50 percent interest in the 110 megawatt Lake Superior Cogeneration Plant at Sault Ste Marie, Ontario.

  • A 50 percent interest in the 50 megawatt Whitby Cogeneration Plant at Whitby, Ontario.

  • A 50 percent interest in the 117 megawatt McMahon Cogeneration Plant at Taylor, British Columbia.

Westcoast said it expects to close the sale later this year, subject to regulatory approvals.

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