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A consortium agrees to acquire up to a 100 per cent interest in Alberta PowerLine for up to C$1.7B

Date Closed

December 18, 2019

Lead Office

Toronto

Value

1.70 Billion CAD

On December 18, 2019, a consortium including Greystone Managed Investments, doing business as TD Greystone Asset Management (as manager for and on behalf of the Greystone Infrastructure Fund (Global Master) L.P.) and IST3 Investment Foundation (on behalf of its investment group IST3 Infrastruktur Global), completed their definitive agreements with Canadian Utilities Limited ("CU"), along with its partner Quanta Services Inc., to purchase up to 100 per cent of their interest in Alberta PowerLine ("APL") through a competitive process for proceeds of approximately C$1.7 billion (including assumption of debt). 

In 2014, the Alberta Electric System Operator (AESO) awarded APL the contract to design, build, own and operate the Fort McMurray West 500-kV Transmission Project. The Project was energized in March 2019. It is the longest 500-kV AC transmission line in Canada and was ranked among the top 50 infrastructure projects in the country. CU will continue as APL operator over its 35-year contract with AESO. 

The purchase agreement offers Indigenous communities along the 508-kilometers line route of the Transmission Project the opportunity to obtain up to 40 per cent of equity interest in APL, which in turn would provide long-term contributions to the economic development of local communities. The final constitution of ownership was announced upon the close of the purchase option for Indigenous communities.

McCarthy Tétrault LLP advised the consortium with a team led by Jonathan See and Scott Bergen that includes Jake Irwin, Scott Chalmers, Julie Parla, Sean Collins, Brandon Kain, Michael Shahinian, and Melissa Colborne (Business), Gord Nettleton, Kimberly Howard, Firuz Rahimi and Jamie Gibb (Regulatory), Selina Lee-Andersen (Environmental/Aboriginal), Kerri Howard (Energy), Oliver Borgers and Kate McNeece (Competition), Patrick McCay and Steve Marshall (Tax), Gordon Baird, Barry Ryan and Ana Badour (Financial Services), Gordon Willcocks, Mark Christensen and David Meier (Real Property and Planning), Geoff Hall and Nicole Fitz-Simon (Litigation), Gregory Winfield (Pensions) and John Boscariol (Trade).

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