TORONTO —Hydro One has announced a $257 million deal to acquire a 48 per cent interest in a transmission line north of Lake Superior.
The utility's wholly-owned subsidiary, Hydro One Networks Inc., has entered into an agreement to purchase the stake in the East-West Tie Line currently owned by affiliates of OMERS Infrastructure Management Inc. and Enbridge Transmission Holdings Inc.
Hydro One will become a partner with the other owners of the tie line – affiliates of NextEra Energy Canada LP, and the Bamkushwada Limited Partnership – who own 48 per cent and 3.5 per cent respectively.
Bamkushwada is jointly owned by Fort William First Nation, Michipicoten First Nation, Biigtigong Nishnaabeg (Ojibways of the Pic River First Nation,) Pays Plat First Nation, Netmizaaggamig Nishnaabeg (Pic Mobert First Nation) and the Red Rock Indian Band.
The tie line, completed in 2022, follows a 450-kilometre route between Wawa and Thunder Bay.
Hydro One CEO David Lebeter said the utility has a long history of owning and operating transmission infrastructure in Northern Ontario.
"By investing in this critical transmission infrastructure, we not only support the reliable delivery of electricity but also contribute to the long-term economic opportunities and shared prosperity in the region," he said.
Hydro One already owns and operates more than 90 per cent of Ontario's electricity transmission network.
OMERS Infrastructure and Enbridge both issued statements saying they were pleased to have worked on the development of the East-West Tie Line.