Fortis selling its stake in Waneta expansion project for $1 billion

Must Read

United Way of Northern BC provides over $508,000 in grants during the first round of allocations

PRINCE GEORGE, B.C. - The United Way of Northern BC (UWNBC) has completed their first round of...

WorkSafeBC investigating serious workplace incident at an oil and gas site

FORT ST. JOHN, B.C. - There are reports of a workplace death that took place on the morning of...

Boosted climate action tax credit can give B.C. families an additional $450

VICTORIA, B.C. - More than 80% of individuals and families in British Columbia are set to receive...

ST. JOHN’S, N.L. – Fortis Inc. has signed a deal to sell its 51percentt stake in the Waneta expansion hydroelectric project in B.C. to its provincial government partners for approximately $1 billion.

The B.C. government’s Columbia Power Corp. and Columbia Basin Trust together already hold the other 49 per cent of the Waneta expansion.

The project was completed in 2015 and has the capacity to produce 335 megawatts of power.

- Advertisement -

Community Interviews with Moose FM

Fortis says the sale will help finance the growth of its regulated utility business.

FortisBC will continue to operate the facility and purchase its surplus capacity.

The deal, which is subject to customary closing conditions, is expected to close within 90 days.

More Articles Like This