The transaction is effective from 1 December 2012. As a part of the deal, ATCO has not only sold the plant but also the associated gathering systems which it was operating since 1998.
ATCO Energy Solutions president and managing director Arnold MacBurnie said the company decided to sell the plant to focus on improving its energy sector services in Western Canada and better utilize its existing facilities.
"It also allows us to concentrate our efforts on growth opportunities in the marketplace," MacBurnie added.
Direct Energy is expected to benefit from the acquisition as it plays an active role in exploration and production program near the Watelet facility.
The plant is likely to provide processing services to the company and other producers in the Watelet, Thorsby, Leduc-Woodbend and Wizard lake fields of Central Alberta.
