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Power distribution sold in Algoma area

Power distribution sold in Algoma area Brookfield Renewable Power has agreed to sell its Ontario electric distribution business to FortisOntario Inc., a wholly owned subsidiary of Fortis Inc. (TSX:FTS), for $68 million, on June 23.
Northern Ontario Business Staff
Power distribution sold in Algoma area

Brookfield Renewable Power has agreed to sell its Ontario electric distribution business to FortisOntario Inc., a wholly owned subsidiary of Fortis Inc. (TSX:FTS), for $68 million, on June 23.

FortisOntario will acquire the distribution assets of Great Lakes Power Limited, which currently provides electric distribution service to approximately 12,000 customers in the Algoma district.

Great Lakes Power Distribution Inc. meets a peak load of approximately 40 megawatts and an annual energy requirement of 198 gigawatt hours. Its assets include more than 1,800 kilometers of distribution lines in an area that covers approximately 14,200 square kilometers, which is more than double the size of the Greater Toronto Area.

The transaction is subject to regulatory approvals, including the Ontario Energy Board, and is expected to close by the end of this year.

Brookfield Financial acted as advisor to the seller on this transaction.