Calgary-based Veresen announced Tuesday that it is selling $1.18 billion worth of assets from its power generation business.
Veresen describes itself as “a diversified North American energy infrastructure company,” according to it’s website.
It owns and operates a combination of gas-fired, hydro-electric, wind and other types of alternative energy sources across Canada and the United States, including natural gas pipelines, natural gas processing and storage infrastructure and a planned liquefied natural gas export terminal in Oregon.
Proceeds from the sale of the power generation assets will be used for the construction of gas processing facilities in northern British Columbia.
Veresen says the assets will be sold in three separate packages, with closings expected during the second quarter, but it didn’t identify the buyers.
“The sale of our power business is an important milestone in the delivery of our long-term business strategy, and we are very pleased with the outcome,” said Don Althoff, President and CEO of Veresen.
With files from Global’s Ken MacGillivray