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TransCanada's sale of 575-MW Ariz. gas plant lands at FERC

TransCanada Corp. is seeking the Federal Energy Regulatory Commission approval to sell the 575-MW Coolidge Generating Station in Pinal County, Ariz., to a subsidiary of Southwest Generation Operating Co. LLC for about US$465 million.

As previously announced, TransCanada will use the proceeds from the sale of the facility, along with about C$1 billion in reimbursement for its expenses on the Coastal GasLink project, to fund its near-term capital program.

The Coolidge gas-fired plant holds a 20-year power purchase agreement with Salt River Project that expires April 30, 2031.

The commission is requested to clear the transaction by Jan. 31, 2019. (FERC docket EC19-39)