Canadian Utilities Completes Sale of UK Land Assets for $190 Million
CALGARY, Alberta, Dec. 14, 2018 (GLOBE NEWSWIRE) — Canadian Utilities Limited (TSX: CU, CU.X) announced today 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.
“The Barking Power Station, generated excellent long-term contracted cash flows and earnings for us over many years,” said Siegfried Kiefer, President and Chief Strategy Officer, ATCO and Canadian Utilities. “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.
With approximately 5,200 employees and assets of $21 billion, Canadian Utilities Limited is an ATCO company. ATCO is a diversified global corporation delivering service excellence and innovative business solutions in Structures & Logistics (workforce housing, innovative modular facilities, construction, site support services, and logistics and operations management); Electricity (electricity generation, transmission, and distribution); Pipelines & Liquids (natural gas transmission, distribution and infrastructure development, energy storage, and industrial water solutions); and Retail Energy (electricity and natural gas retail sales). More information can be found at www.canadianutilities.com.
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