Al­t­a­Gas sells stake in hy­dro oper­a­tion

Times Colonist - - Business -

CAL­GARY — Al­t­a­Gas Ltd. said it has an agree­ment to sell 35 per cent of its in­ter­est in a B.C. hy­dro­elec­tric oper­a­tion for $922 mil­lion, but will re­main the ma­jor­ity owner of the pow­er­gen­er­a­tion fa­cil­i­ties. The North­west Bri­tish Columbia Hy­dro Elec­tric Fa­cil­i­ties are in Tahltan First Na­tion ter­ri­tory. They in­clude three operating hy­dro­elec­tric power gen­er­a­tion plants that sell their out­put to B.C. Hy­dro un­der sep­a­rate 60-year pur­chase agree­ments. The buyer is a joint ven­ture com­pany in­di­rectly owned by Ax­ium In­fra­struc­ture Inc. and Man­ulife Fi­nan­cial Corp. Cal­gary-based Al­t­a­Gas said the sale is part of a larger fund­ing strat­egy re­lated to a pre­vi­ously an­nounced ac­qui­si­tion.

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