Fortis Inc. has confirmed it has completed the $1 billion sale of its 51% interest in the Waneta Expansion hydroelectric project in British Columbia to Columbia Power Corporation (CPC) and Columbia Basin Trust (CBT).
The deal means that CPC and CBT now own 100% of the Waneta Expansion. FortisBC will continue to operate the Waneta Expansion facility and purchase its surplus capacity.
"The sale of our interest in the Waneta Expansion helps finance the substantial growth occurring in our regulated utility businesses across North America," said Barry Perry, President and Chief Executive Officer, Fortis.
In a statement Fortis said the proceeds from this transaction will be used to repay short-term borrowings and repurchase approximately US$400 million of the Corporation's outstanding 3.055% notes due 2026.