Hydro-Québec and the Mohawk Council of Kahnawake signed an agreement today to jointly own a transmission line that will export electricity to New York City.
The Mohawk community southwest of Montreal will hold a minority stake of at least 10 per cent in the Hertel-New York interconnection line, allowing them to earn dividend income.
Hydro-Québec president and CEO Michael Sabia says the community can expect an annual return of about eight per cent on its investment.
The 10 per cent participation is a minimum, and Grand Chief Kahsennenhawe Sky-Deer says the Mohawk council could opt for a stake of up to 49 per cent of the project.
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The precise dollar figure of the Kahnawake investment was not disclosed, but based on the total equity investment required for the project, it could range from about $10 million to $50 million, depending on what share of the project Kahnawake decides to take.
Once commissioned in 2026, the 58-kilometre, 400-kilovolt underground transmission line will run from the Hertel substation in La Prairie, Que., to the border with New York state, carrying enough electricity to power one million homes.
Sky-Deer noted that ironworkers from her community helped build Manhattan skyscrapers.
“And now Kahnawake will contribute to the city in a different way, by transporting renewable energy to light up the very skyline Mohawks helped build,” she said in a statement.
“This agreement is especially remarkable because it will be the first time that Hydro-Québec shares ownership of its transmission infrastructure with a third party and a First Nation community.”
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