Ontario Power Generation acquisition of natural gas-fired assets

On April 29, 2020, Ontario Power Generation Inc. (“OPG”), under a new subsidiary doing business as Atura Power, finalized the acquisition of a portfolio of combined-cycle natural gas-fired plants in Ontario, previously owned by TC Energy Corporation, for a total purchase price of approximately C$2.8 billion, subject to customary closing adjustments.

The portfolio of assets included

• 100% ownership of the 900 MW Napanee Generating Station
• 100% ownership of the 683 MW Halton Hills Generating Station
• 50% ownership of the 550 MW Portlands Energy Centre in Toronto

In addition to these assets, OPG closed a transaction previously announced in August 2019 to acquire the remaining 50% interest in the 560 MW combined-cycle natural gas-fired Brighton Beach Generating Station.

All four facilities will operate together under the Atura Power brand, established to operate and manage this portfolio of natural gas assets, which is strategically important to the current and future electricity system.

Further information can be found on Canada Newswire’s website.

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