22.2 C
Fort St. John
Monday, June 17, 2019
9924 101 ave Fort St. John, B.C.
Advertisement
Home Canadian Press AltaGas sells 35% of B.C. hydro operation, will remain majority owner

AltaGas sells 35% of B.C. hydro operation, will remain majority owner

Advertisement

CALGARY, A.B. – AltaGas Ltd. says it has an agreement to sell 35 percent of its interest in a B.C. hydroelectric operation for $922 million but will remain the majority owner of the power generation facilities.

Located in Tahltan First Nation territory, the Facilities are comprised of the 195-megawatt Forrest Kerr Hydroelectric Facility which achieved commercial operation in October 2014, the 16-megawatt Volcano Creek Hydroelectric Facility, and the 66-megawatt McLymont Creek Hydroelectric Facility.

AltaGas says the facilities had a total capital cost of approximately $1 billion, and are underpinned by three separate 60-year, fully indexed electricity purchase agreements with BC Hydro.

- Advertisement -

The buyer is a joint venture company indirectly owned by Axium Infrastructure Inc. and Manulife Financial Corp.

Calgary-based AltaGas says the sale is part of a larger funding strategy related to a previously announced acquisition.

get the latest news in your inbox

Author

Advertisement

Local Events

Must Read

MP Bob Zimmer – Weekly Report – A farewell to Richard...

Bob’s Weekly Report   On June 11, our local Senator, Richard Neufeld, gave his farewell speech to the Senate after over ten years of service. His...