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7 indigenous communities to buy 40% stake in 500-kV Alberta transmission line

Seven indigenous communities have agreed to acquire a combined 40% equity ownership in Alberta PowerLine LP for undisclosed financial terms.

Alberta PowerLine, a partnership between Canadian Utilities Ltd. and Quanta Services Inc., owns and operates the 500-kV Fort McMurray West transmission line. The 508-km transmission line, connecting the oil sands region of Fort McMurray with generators and the main power grid near the capital city of Edmonton, Alberta, was placed in service in March.

The seven Indigenous communities are Athabasca Chipewyan First Nation, Bigstone Cree Nation, Gunn Métis Local 55, Mikisew Cree First Nation by way of its business arm, the Mikisew Group of companies, Paul First Nation, Sawridge First Nation and Sucker Creek First Nation, according to a Sept. 23 news release.

The sale is expected to close in the fourth quarter of 2019, subject to receipt of regulatory approvals and satisfaction of other customary closing conditions.

The remaining 60% equity stake in Alberta PowerLine will be held by a consortium, including Greystone Managed Investments Inc. doing business as TD Greystone Asset Management Inc., as manager for and on behalf of the Greystone Infrastructure Fund (Global Master) LP, and IST3 Investment Foundation acting in respect and on behalf of its investment group IST3 Infrastruktur Global.

Canadian Utilities, an ATCO Ltd. company, will remain as the operator of Alberta PowerLine over its 35-year contract with the Alberta Electric System Operator and will continue to partner with Indigenous communities to establish maintenance and operational contracts.

RBC Capital Markets is acting as financial adviser to Canadian Utilities and Quanta Services.