AltaGas Ltd has confirmed it has agreed to indirectly sell 35% of its interest in the Northwest British Columbia Hydro Electric Facilities, which includes the 195MW Forrest Kerr hydroelectric project, for $922 million as part of a larger funding strategy related to AltaGas' acquisition of WGL.
The definitive agreement to sell the 35% stake is with a joint venture company that is indirectly owned by Axium Infrastructure Inc., as manager of Axium Infrastructure Canada II Limited Partnership, and Manulife Financial Corporation. AltaGas will remain the majority holder of the Facilities and continue to provide all operational, maintenance and management functions. The transaction is subject to closing adjustments and customary closing conditions, and is expected to close prior to the end of June 2018.
Located in Tahltan First Nation territory, the Northwest British Columbia Hydro Electric Facilities are comprised of Forrest Kerr together with the 16MW Volcano Creek and the 66MW McLymont Creek hydroelectric facilities.