March 14, 2013 5:46 PM
TORONTO, March 14, 2013 /CNW/ – Sagatay Transmission L.P. (“Sagatay”) is pleased to announce a strategic and financial partnership with a subsidiary of Algonquin Power & Utilities Corp. (“APUC”). The agreement calls for APUC to provide expertise and project development financing for a new 300 kilometre Ontario Energy Board regulated 230 kV transmission line to Pickle Lake, Ontario (the “Pickle Lake Transmission Project”). If approved and when constructed, the project is anticipated to cost approximately $250 million.
The Pickle Lake Transmission Project is the first phase in a two-phase project that will provide urgently needed power to northern communities and business. It will enable the transition from expensive and environmentally dirty diesel-fired power systems that are commonplace in most remote First Nations in the region. The project is also conceived to support energy-starved northern industries, including the touted Ring of Fire mineral resource developments. A new line to Pickle Lake was identified as a priority transmission project in Ontario’s Long-Term Energy Plan. The route for the Pickle Lake Transmission Project will follow Highway 599 from Ignace to Pickle Lake.
“The addition of APUC to the Sagatay team will allow us to advance the transmission line expeditiously which will allow our brothers and sisters in the communities north and east of Pickle Lake to be connected to the Ontario energy grid quickly”, said Chief Connie Gray-McKay of the Mishkeegogamang First Nation who along with the Ojibway Nation of Saugeen are partners in Sagatay.
“I am excited and look forward to working with APUC in moving this important project ahead”, said Chief Edward Machimity of the Ojibway Nation of Saugeen.
APUC owns and operates a diversified $3.0 billion portfolio of regulated and non-regulated utilities in North America and it brings extensive experience in developing electricity projects.
“Our decision to partner with Sagatay reflects the strength of the underlying business case for the project, the strength of the partners, and the strength of the Highway 599 route. The future for the Sagatay partnership is bright”, said APUC Chief Executive Officer Ian Robertson.
SOURCE: Sagatay Transmission L.P.
For further information:
Sagatay Transmission L.P.
Telephone: (416) 417-2000
Algonquin Power & Utilities Corp.
2845 Bristol Circle, Oakville, Ontario, L6H 7H7
Telephone: (905) 465-4500