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TransCanada posts good Q2 results, will sale Cartier wind power facilities

Staff Writer |
TransCanada Corporation announced net income attributable to common shares for second quarter 2018 of $785 million or $0.88 per share compared to net income of $881 million or $1.01 per share for the same period in 2017.

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Comparable earnings for second quarter 2018 were $768 million or $0.86 per share compared to $659 million or $0.76 per share for the same period in 2017.

TransCanada's board of directors also declared a quarterly dividend of $0.69 per common share for the quarter ending September 30, 2018, equivalent to $2.76 per common share on an annualized basis.

TransCanada Corporation announced that it has entered into an agreement to sell its 62 percent share of the Cartier wind power facilities, and its related operating entities, to Innergex Renewable Energy for approximately $630 million.

Located in Québec, the Cartier assets include five wind farms with a total generating capacity of 590 megawatts, of which TransCanada’s share is 365 megawatts.

Following the sale of Cartier, TransCanada will continue to be one of Canada’s largest private-sector power generators, producing enough power to meet the needs of more than six million homes.

The company’s power portfolio continues to grow, with the construction of a 900-megawatt natural gas-fired power plant in Napanee, Ontario and commitments to major refurbishments at the Bruce Power nuclear facility in Ontario.

The sale is expected to close in the fourth quarter of 2018, upon satisfaction of closing conditions.

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