HALIFAX, Nova Scotia--(BUSINESS WIRE)--
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 Emera’s 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 Emera’s 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 Emera’s 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.
Emera’s 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
management’s current beliefs and are based on information currently
available to Emera management. Additional detailed information about
these assumptions, risks and uncertainties is included in Emera’s
securities regulatory filings, including its Annual Information Form,
annual and interim Management’s Discussion and Analysis, and in the
notes to Emera’s annual and interim financial statements, which filings
can be found on SEDAR at www.sedar.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190329005407/en/
Emera Inc.
Investor Relations:
Erin Power, 902-428-6760
erin.power@emera.com
Media:
902-222-2683
media@emera.com
Source: Emera Inc.