AltaGas Ltd. has completed the $1.39 billion sale of its remaining interest of approximately 55% in hydro facilities in Northwest British Columbia, Canada, to joint-venture entities controlled by Axium Infrastructure Inc., as manager of Axium Infrastructure Canada II Limited Partnership, and Manulife Financial Corporation.
The facilities are located in Tahltan First Nation territory and are comprised of the 214MW Forrest Kerr Hydroelectric Facility and the 17MW Volcano Creek Hydroelectric Facility, each of which achieved commercial operation in 2014, and the 72MW McLymont Creek Hydroelectric Facility, which achieved commercial operation in 2015
The purchase price prior to adjustments is largely consistent with the valuation received for AltaGas' June 2018 sale of 35 percent of its indirect equity interest in the Facilities., and gives AltaGas net proceeds of approximately $1.37 billion.
"The sale of our remaining interest in the Facilities marks another financial milestone which has seen us successfully monetize $3.8 billion in non-core assets since completing the acquisition of WGL in July 2018," said Randy Crawford, President and Chief Executive Officer with AltaGas. "In addition to unlocking substantial value within our portfolio and enhancing our financial strength, the sale of these assets further sharpens our focus on our Midstream and US Utilities businesses, where we see numerous opportunities to drive strong, organic growth."
