Ontario Power Generation Inc. has sold the site of its retired Lakeview generating station in Mississauga to Lakeview Community Partners Ltd. for about C$275 million.
The location of the former coal-fired facility will be converted into a mixed-use community with park land, according to a March 20 company release. Conditions of the transaction include the remediation and transfer of the 67-acres of waterfront land to the city of Mississauga.
Net proceeds from the deal will be transferred to Ontario's Trillium Trust to finance transit, transportation and other key infrastructure projects across the province.
Lakeview was one of the five coal-fired power plants that Ontario Power shut down as part of its commitment to clean energy. Four of the retired facilities were transformed to include a new solar farm in Nanticoke and conversions to renewable biomass fuel at Thunder Bay and Atikokan power stations.
The company said that its generation is now over 99% free of smog and carbon emissions.
Lakeview Community Partners is a consortium of developers that includes Argo Development Corp., TACC Construction Ltd., Branthaven Homes, Greenpark Group and CCI Development Group of Cos.