TransCanada Corporation’s subsidiary has agreed to acquire from National Grid plc (National Grid), all the outstanding membership interests of KeySpan-Ravenswood, LLC, that directly or indirectly owns or controls the 2,480 megawatt (MW) Ravenswood Generating Facility (Ravenswood) located in Queens, New York for US$2.8 billion plus closing adjustments.

“This acquisition represents a significant expansion of our energy business into one of the most important power markets in North America,” says Hal Kvisle, TransCanada president and chief executive officer. “It fits strongly with TransCanada's strategy to grow our power business in markets where our assets, expertise and financial strength enable us to be a strong competitor and reliable energy provider.”

Upon close of this acquisition, TransCanada will welcome close to 200 Ravenswood staff into the TransCanada family. “TransCanada is focused on meeting the region’s energy needs safely, reliably and cost effectively,” adds Kvisle. “We are looking forward to meeting all of our new team members and the surrounding community. We are very pleased to be able to expand our capacity to deliver energy with this strategic acquisition.”

Tags: TransCanada Corporation