Hydro One to expand presence in N.W. Ontario, buy Great Lakes Transmission
TORONTO – Ontario’s newly privatized Hydro One electric utility has a $373-million deal to buy Great Lakes Power Transmission, which operates north and east of Sault Ste. Marie, Ont.
Hydro One (TSX:H) says it will acquire Great Lakes Transmission from various entities controlled by Brookfield Infrastructure, which is part of a Toronto-based asset management group.
The former provincial Crown corporation will pay $222 million in cash and assume $151 million of outstanding debt owed by Great Lakes, which has 15 transmission stations and 560 kilometres of transmission lines.
Once the deal closes, Hydro One will operate about 98 per cent of Ontario’s transmission capacity.
© 2016 The Canadian Press