FortisOntario acquires Great Lakes Power Distribution; renames Algoma Power
FortisOntario Inc., a wholly owned subsidiary of Fortis Inc., has closed its acquisition of Great Lakes Power Distribution Inc. from Brookfield Renewable Power Inc. for an aggregate purchase price of about $75 million.
“This acquisition positions FortisOntario as the only investor-owned
electric distribution utility in Ontario and reaffirms our long term
commitment to the continued growth of our distribution business in the
province,” said Bill Daley, president and CEO, FortisOntario.
“FortisOntario has a successful track record of acquiring and
integrating small- and medium-sized utilities into its distribution
operations, and looks forward to providing our new customers in the
Algoma district with safe and reliable electricity distribution
The acquisition has been renamed Algoma Power Inc., and serves about
12,000 customers in the district of Algoma in northern Ontario. Its
assets include more than 1800 km of distribution lines in an area
covering about 14,200 sq. km. Algoma meets a peak demand of about 40 MW
and employs roughly 60 employees.
Fortis says it is the largest investor-owned distribution utility in
Canada. With total assets approaching $12 billion and annual revenues
totalling $3.9 billion, Fortis serves more than 2,000,000 gas and