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OPG divesture leads to $340-million acquisition (3/02)

Ontario Power Generation is selling four hydroelectric stations along the Mississagi River near Thessalon on the north shore of Lake Huron to Brascan Power Inc., the parent company of Sault Ste. Marie's Great Lakes Power Ltd.
Northern Ontario Business Staff

Ontario Power Generation is selling four hydroelectric stations along the Mississagi River near Thessalon on the north shore of Lake Huron to Brascan Power Inc., the parent company of Sault Ste. Marie's Great Lakes Power Ltd. Four stations producing 488 megawatts of electricity are included in the $340-million acquisition announced in early March. GLP will manage and operate the stations, which include four water-storage dams on Rocky Island Lake near Aubrey Falls and the Algoma Service Centre in Wharncliffe. The 50- to 30-year-old stations were put on the selling block by Ontario Power Generation last July as the province moved towards an open energy market.