OMERS and Enbridge sell stake in East-West Tie Line

On December 19, 2024, Hydro One Limited (“Hydro One”) announced that its wholly-owned subsidiary, Hydro One Networks Inc., entered into an agreement to purchase an approximately 48% interest in the East-West Tie Limited Partnership from affiliates of OMERS Infrastructure Management Inc. (“OMERS Infrastructure”) and Enbridge Transmission Holdings Inc. (“Enbridge”).

The East-West Tie Limited Partnership owns the East-West Tie Line, a 450 km, 230 kV double-circuit transmission line, regulated by the Ontario Energy Board (“OEB”), spanning from Wawa to Thunder Bay, along the north shore of Lake Superior. It was built in partnership with the Bamkushwada Limited Partnership, a consortium of six First Nations jointly owned by Fort William First Nation, Michipicoten First Nation, Biigtigong Nishnaabeg (Ojibways of the Pic River First Nation), Pays Plat First Nation, Netmizaaggamig Nishnaabeg (Pic Mobert First Nation) and Red Rock Indian Band.

Under the terms of the agreement, Hydro One agreed to purchase its interest in the partnership for C$257 million in cash, subject to customary adjustments. The transaction results in a partnership with the remaining owners – the Bamkushwada Limited Partnership and affiliates of NextEra Energy Canada, LP who own approximately 3.5% and 48% respectively.

Further information can be found on OMERS Infrastructure’s website and newswire.ca.

Hydro One, through its wholly owned subsidiaries, is Ontario's largest electricity transmission and distribution provider with approximately 1.5 million valued customers, approximately C$32.8 billion in assets as of December 31, 2023, and annual revenues in 2023 of approximately C$7.8 billion.

OMERS Infrastructure is the infrastructure investment advisor and manager of OMERS, a jointly sponsored, defined benefit pension plan, with 1,000 participating employers ranging from large cities to local agencies, and over 600,000 active, deferred and retired members. Its members include union and non-union employees of municipalities, school boards, local boards, transit systems, electrical utilities, emergency services and children's aid societies across Ontario.

Enbridge safely connects millions of people to the energy they rely on every day, fueling quality of life through its North American natural gas, oil and renewable power networks and its growing European offshore wind portfolio.