TORONTO — Hydro One now holds a major stake in one of Ontario's newest transmission lines.
The publicly-traded company announced Tuesday it has completed the acquisition of 48 per cent of the East-West Tie Limited Partnership, at a cost of $261 million.
The partnership owns the 450-kilometre East-West Tie Line, a 230-kilovolt double-circuit transmission line between Wawa and Thunder Bay which came into service in early 2022.
The other owners of the line are affiliates of NextEra Energy Canada LP (48 per cent) and the Bamkushwada Limited Partnership (about 3.5 per cent), a consortium of Fort William First Nation, the Red Rock Indian Band, Biigtigong Nishnaabeg (Ojibways of the Pic River) First Nation, Pays Plat First Nation, Netmizaaggamig Nishnaabeg (Pic Mobert First Nation) and Michipicoten First Nation.
"Electricity is the backbone of the economy, and Hydro One has a long history of owning and operating transmission infrastructure in the north," said Hydro One CEO David Lebeter. "This investment will continue to support the reliable delivery of electricity that powers daily life and contributes to shared long-term prosperity in the region."