Veresen divests its power generation business
The Calgary-based company, which focuses on natural gas assets, is selling its power generation division for $1.18 billion to several buyers
CALGARY—Veresen Inc. is selling its power generation business to several buyers for a total of $1.18 billion.
The Calgary-based company didn’t identify the buyers in its announcement.
According to its website, Veresen’s power business includes a combination of gas-fired, hydro-electric, wind and other types of alternative energy sources across Canada and in the United States.
Veresen says its power assets would be sold in three separate packages, with closings expected during the second quarter.
The company says the sales will help fund capital projects in its core businesses.
Veresen owns interests in natural gas pipelines, natural gas processing and storage infrastructure and a planned liquefied natural gas export terminal in Oregon.