Emera Inc. (TSX:EMA) today announced that the transaction to sell its three natural gas-fired electricity generating facilities in New England to Revere Power, LLC, an affiliate of The Carlyle Group, for $590 million USD ($792 million CAD) has successfully closed.
The closing of this transaction completes an important element of the asset sale component of Emeras three-year funding plan, which we introduced last November, said Scott Balfour, President and CEO of Emera. This transaction, as well as anticipated proceeds from the sale of Emera Maine, fully achieves the targeted asset sale portion of the funding plan and will increase Emeras financing flexibility and position the company for continued growth.
The sale of Bridgeport Energy, Tiverton Power and Rumford Power was announced in November 2018.
Proceeds from the sale will be used to support Emeras capital investment opportunities within its regulated utility businesses and retire Emera corporate level debt.
About Emera Inc.
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $32 billion in assets and 2018 revenues of more than $6.5 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emeras common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws. The words anticipates, believes, budget, could, estimates, expects, forecasts, intends, may, plans, projects, schedule, should, targets, will, would and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information includes, but is not limited to, statements regarding (i) the risk that Emera may be unable to obtain governmental and regulatory approvals required for the proposed sale; (ii) the risk that other conditions to the closing of the proposed sale may not be satisfied; and (iii) the timing to consummate the sale. There can be no assurance that the proposed sale will be completed, or if it is completed, that it will close within the anticipated time period. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera managements current beliefs and are based on information currently available to Emera management. Additional detailed information about these assumptions, risks and uncertainties is included in Emeras securities regulatory filings, including its Annual Information Form, annual and interim Managements Discussion and Analysis, and in the notes to Emeras annual and interim financial statements, which filings can be found on SEDAR at www.sedar.com.
Erin Power, 902-428-6760