Fortis Inc. is selling its stake in British Columbia’s Waneta Expansion Hydroelectric Project.
The Newfoundland-based utility corporation, which owned a 51 per cent interest, entered into an agreement to sell its portion to B.C. government owned Columbia Power Corporation (CPC) and Columbia Basin Trust (CBT), which together already own 49 per cent.
Fortis and CPC/CBT entered into the project to expand the 335-MW hydroelectric generating facility in 2010. Work was completed ahead of time and on budget in 2015. Since then, Fortis subsidiary FortisBC has operated and maintained the facility and will continue to do so and purchase its surplus capacity.
Fortis says the sale will help finance growth and is a culmination of the asset sale funding component of its five-year capital investment plan.