TransCanada Corp. completed the sale of its remaining U.S. Northeast merchant power generation assets to Helix Generation, LLC, an affiliate of LS Power Equity Advisors, for approximately $2.1 billion. The sale includes a purchase price adjustment due to an unplanned outage at the Ravenswood power plant prior to close.

The sale includes four power facilities: Ravenswood, Ironwood, Ocean State and Kibby Wind, which collectively produce close to 4,000 megawatts (MW).

Ravenswood is a 2,480 MW power plant in Long Island City in Queens, New York.The plant uses natural gas, fuel oil and kerosene to power its boilers. The Ironwood facility is a natural gas-fired, combined cycle power plant in Lebanon, Penn. With a nameplate capacity of 778 MMW, TransCanada bought the plant from Talen Energy Corp. in 2015 for $654 million.

Ocean State is a combined-cycle, 560 MW plant in Burrillville, RI. It entered service in 1990 and uses about 100 million cubic feet per day of natural gas. It ranks as one of the largest gas-fired plants in the northeastern United States. Kibby Wind has a generating capacity of 132 MW, making it one off New England's largest. Half the turbines entered service in October 2009, and the remainder in 2010.

TransCanada says it intends to wind down its TransCanada Power Marketing Ltd operations and realize the value of the remaining marketing contracts and working capital over time. Including the closing of this transaction, the prior sale of its hydro generation assets and the wind-down of TCPM, TransCanada expects to realize approximately $3.7 billion from the monetization of its U.S. Northeast merchant power business.