Canadian Utilities signs deal to sell interest in Alberta PowerLine to consortium

Canadian Utilities Ltd. and its partner Quanta Services Inc. have signed a deal to sell Alberta PowerLine for approximately $300 million and the assumption of $1.4 billion of debt.

The buyer is a consortium including TD Greystone Asset Management.

Canadian Utilities holds an 80 per cent stake in Alberta PowerLine, while Quanta Services holds 20 per cent.

READ MORE: Canadian Utilities selling fossil fuel-based power plants in Alberta, B.C, Ontario

As part of the sale, Canadian Utilities is offering an opportunity for Indigenous communities along the transmission line route to obtain up to a 40 per cent equity interest in Alberta PowerLine.

The final ownership mix will be determined upon close of the purchase option for Indigenous communities.

The 508-kilometre transmission line runs from from Wabamun, Alta., just west of Edmonton, to Fort McMurray, Alta. It was energized in March, three months ahead of schedule.

© 2019 The Canadian Press

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