FERC on March 31 approved TransCanada Corp. subsidiary TransCanada Pipeline USA's request to sell a portion of its merchant portfolio for $2.2 billion to Helix Generation LLC.
The company proposed the sale of its wholly owned subsidiaries on Nov. 1. The subsidiaries include Ocean State Power, TransCanada Maine Wind Development Inc., TC Ravenswood LLC and TC Ironwood LLC.
The company will use the proceeds to fund its $13 billion acquisition of Columbia Pipeline Group Inc.
In addition, the LS Power Equity Advisors LLC affiliate Helix Generation will acquire TransCanada's stakes in the Ravenswood 2,246-MW natural gas- and oil-fired generation facility in New York City; Ravenswood Services Corp., which provides fuel and related services to the Ravenswood plant; and a 95% stake in Unit 40 Sublessor LLC.
Helix will also purchase other related transmission assets, including the 660-MW Ironwood natural gas-fired generation facility near Lebanon, Pa.; the 132-MW Kibby wind facility in Kibby and Skinner townships, Maine; and the 454-MW Ocean State natural gas-fired generation facility in Burrillville, R.I. (FERC Docket EC17-38)