Hydro One Networks, a wholly owned subsidiary of Hydro One, has completed the acquisition of a 48% stake in the East-West Tie Limited Partnership.
The stake was acquired from OMERS Infrastructure Management affiliates and Enbridge Transmission Holdings under a deal signed in December 2024.
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East-West Tie Limited Partnership owns the East-West Tie Line, a 450km, 230 kilovolt (kV) double-circuit transmission line regulated by the Ontario Energy Board (OEB) which stretches between Wawa and Thunder Bay along the north shore of Lake Superior, Canada.
The acquisition, valued at C$261m ($180.3m), includes closing adjustments.
The closure of the deal results in a partnership for Hydro One with the other owners of the East-West Tie Line: Bamkushwada Limited Partnership, a consortium of six First Nations, and affiliates of NextEra Energy Canada, which own 3.5% and 48% respectively.
The East-West Tie Line features an OEB-approved rate base of C$880m.
Hydro One president and CEO David Lebeter stated: “Electricity is the backbone of the economy, and Hydro One has a long history of owning and operating transmission infrastructure in the north.
“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.”
The East-West Tie Line was constructed in collaboration with the Bamkushwada Limited Partnership, jointly owned by Biigtigong Nishnaabeg, Fort William First Nation, Michipicoten First Nation, Netmizaaggamig Nishnaabeg, Pays Plat First Nation and Red Rock Indian Band.
Hydro One Limited, via its fully-owned subsidiaries, is the largest electricity transmission and distribution provider in Ontario with 1.5 million customers and $37bn in assets as of 31 December 2024.
In the same month, the company was selected to develop a critical transmission line in northeastern Ontario in partnership with First Nations.
The OEB was directed to amend Hydro One’s transmission licence to enable the construction of this project.
