TransCanada Corp. is offloading its only solar power holdings in a $540-million deal as it moves against the industry trend of investing more in renewables.

The company is selling the eight facilities in Ontario with 76 megawatts of capacity to a subsidiary of Axium Infrastructure Canada II L.P., with plans to spend the proceeds on its $24-billion in near-term capital projects.

The sale leaves TransCanada’s renewable portfolio with 365 megawatts of wind power through its partial ownership of Cartier Wind, after the company sold its hydropower and wind generation assets in the U.S. earlier this year to help fund its $13-billion (U.S.) takeover of Columbia Pipeline Group.

H/T: IAN BICKIS, The Canadian Press

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