Hydro One Buying Interest in Electricity System East-West Tie

Dow Jones12-20

By Stephen Nakrosis

Hydro One said its Hydro One Networks subsidiary agreed to purchase an approximately 48% interest in the East-West Tie Limited Partnership from affiliates of OMERS Infrastructure and Enbridge Transmission.

Hydro One said it would purchase the interest for 257 million Canadian dollars ($178.5 million) in cash.

The East-West Tie Line is a 450-kilometer transmission line which runs along the north shore of Lake Superior from Wawa to Thunder Bay. It connects northwest Ontario communities and industries to Ontario's electricity grid.

The transaction will result in a partnership of Hydro One with the remaining owners of the East-West Tie Line -- Bamkushwada Limited Partnership, a consortium of six First Nations, which owns about 3.5%, and affiliates of NextEra Energy Canada, owners of about 48%.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

December 19, 2024 17:46 ET (22:46 GMT)

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