Oct 8 (Reuters) - TransCanada Corp TRP.TO :
* Transcanada Corp says deal will be financed with a combination of cash on hand and available debt capacity
* Enters agreement to acquire Ironwood power plant
* Deal for $654 mln
* At closing, US$42 million in debt will be assumed and then repaid within 45 days of closing out of funds placed into escrow by seller
* Deal expected to be immediately accretive to earnings and cash flow
* Deal expected to generate about US$90-$110 mln in earnings before interest, taxes, depreciation and amortization annually
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