Calgary

Veresen selling power generation business for $1.18B to several buyers

Veresen Inc. is selling its power generation business to several buyers for a total of $1.18 billion.

Calgary-based company says sales will help fund capital projects in its core businesses

Calgary-based Veresen Inc., led by president and CEO Don L. Althoff, is selling its power generation business to several buyers for a total of $1.18B. (VeresenInc/YouTube)

Veresen Inc. is selling its power generation business to several buyers for a total of $1.18 billion.

The Calgary-based company didn't identify the buyers in its announcement.

According to its website, Veresen's power business includes a combination of gas-fired, hydro-electric, wind and other types of alternative energy sources across Canada and in the United States.

Veresen says its power assets would be sold in three separate packages, with closings expected during the second quarter.

The company says the sales will help fund capital projects in its core businesses.

Veresen owns interests in natural gas pipelines, natural gas processing and storage infrastructure and a planned liquefied natural gas export terminal in Oregon.