SaskPower is now the sole owner of the Cory Cogeneration Station.
The Crown corporation said it has bought Atco’s 50 per cent stake in the facility located at Nutrien’s Cory potash mine just west of Saskatoon.
SaskPower and Atco have been co-owners of the plant since it was commissioned in 2003.
“When Atco looked to divest itself from some of its generation assets, we were presented with the opportunity to secure full control of an important part of our generation fleet,” Howard Matthews, vice-president of power production at SaskPower, said in a release on Monday.
“With full ownership, SaskPower will retain all revenue generated by this facility, which we can then invest to ensure reliable, sustainable, and cost-effective power for our customers.”
The station will continue to operate as normal and all Atco employees at the facility will receive offers to keep their position, according to SaskPower.
The 249-megawatt Cory Cogeneration Station is a natural gas-fired facility designed to generate electricity with minimal impact on the environment, SaskPower said in a statement.
Steam from the process is bought by Nutrien for use in its mining operations.
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The purchase price was roughly $120-million, which SaskPower said was independently verified by CIBC.