TransCanada Corporation has closed the sale of Cancarb Limited (Cancarb) and its related power generation facility to Tokai Carbon Co., Ltd. for aggregate gross proceeds of $190 million plus customary post-closing adjustments. The agreement to sell Cancarb was initially announced on January 20, 2014. TransCanada expects to realize a gain of approximately $95 million net of tax in its second quarter 2014 results.
Proceeds from the sale of Cancarb will help fund TransCanada's capital growth plan, which includes $38 billion in commercially secured projects expected to be completed by the end of the decade. These projects are supported by strong market fundamentals and underpinned by long-term contracts or the revenue stability of cost-of-service regulation.