Canadian energy infrastructure corporation, AltaGas has announced its agreement to sell their U.S. distributed generation assets being held by subsidiaries; WGL Energy Systems, Inc. and WGSW, Inc. They plan to sell these assets to an affiliate of Brookfield Asset Management, TerraForm Power for CA$940mn.
The assets have a generation facility of 322 megawatts (MW) across 20 states in the US and the district of Columbia. A breakdown of the facilities includes; 291 MW of commercial and industrial solar, 10 MW of fuel cells and 21MW of residential solar assets.
The sale by AltaGas has come as a second stage of their CA$1.5-2.0bn asset sales programme plan for 2019 following the sale of its interest in the Stonewall Gas Gathering System (approx. CA$379mn).
Randy Crawford, President and Chief Executive Officer of AltaGas has commented that, "With today's announcement, we are very close to achieving our 2019 asset sales target. We continue to execute against our near-term priorities, and I am confident that our 2019 funding and business plan is on track."
The rest of 2019 will see AltaGas focused on enhancing the value of their “core asset footprint” where they see “the most attractive opportunities for long-term, stable earnings growth".
AltaGas have a workforce of 3,000 in the fast-growing energy market. Their focus is on “owning and operating assets to provide clean and affordable energy” to their customers by leveraging the strength of their assets and their “expertise along the energy value chain”.