Canadian Utilities announced that it has entered into a definitive agreement to sell 42 acres of land in east London, UK.
This site is the location of the former Barking Power Station that was mothballed in 2014.
Estimated net proceeds from the transaction will be $190 million. The sale of these lands is consistent with the company’s practice of continually evaluating and optimizing its portfolio and to repurpose capital to fund future growth.
ATCO and Canadian Utilities president and chief strategy officer Siegfried Kiefer said: “The Barking Power Station, generated excellent long-term contracted cash flows and earnings for us over many years.
“Now that its operating life has come to end, it is an opportune time to recycle this capital into new value creation options.”
The sale is expected to close in the fourth quarter of 2018.
Source: Company Press Release.