Offers from other interested parties are also being sought, with a final bankruptcy court approved sale expected within about 75 days.
Under the Asset Purchase Agreement signed last week, TransCanada has a number of protections including a break fee and reimbursement of expenses should an alternative bid be accepted, and the option of changing its bid if USGen receives a more attractive offer.
The facilities for sale are the 484MW Connecticut river system in New Hampshire and Vermont and the 83MW Deerfield river system in Massachusetts and Vermont, which together comprise 13 dams and 41 hydroelectric generating units.
USGen filed for Chapter 11 US Bankruptcy Code protection in July last year.
The sale must first receive approval from the bankruptcy court and is also subject to anti-trust and other US regulatory reviews.
