Canadian utility SaskPower has sold its 30 percent share in the Muskeg River Cogeneration Station, located north of Fort McMurray, Alberta, for C$40 million ($28.7 million).
The buyer was Heartland Generation, a wholly owned affiliate of Energy Capital Partners.
First commissioned in 2003, the station supplies the majority of its power to operations at the Canadian Natural Resources Ltd. Muskeg River and Jack Pine Mine oil sands operations in Alberta.
“We’ve been a minority partner in this facility since the project began in 2001,” said Howard Matthews, vice president of power production and CEO of SaskPower International. “At the time, ATCO held the remaining interest. SaskPower and Heartland have worked together to negotiate the sale, which will give Heartland sole ownership, as they bought ATCO’s share earlier this year.”
SaskPower said the sale allows the company to receive cash today for the dividends that would have been paid over the ne
