TC Energy Corp., formerly known as TransCanada Corp., has closed the sale of a 575-MW natural gas-fired peaking plant in Pinal County, Ariz., to Salt River Project for $465 million in cash.

The Coolidge Generating Station sells its output to Salt River Project under a power purchase agreement expiring in 2031, according to S&P Global Market Intelligence data. The power plant began operations in May 2011.

The Federal Energy Regulatory Commission approved the sale on May 16, and the parties closed the transaction on May 21, according to a filing. (FERC docket EC19-69)