Fortis Inc. Completes Sale of Its Interest in the Waneta Expansion Hydroelectric Project
ST. JOHN’S, Newfoundland and Labrador, April 16, 2019 — Fortis Inc. (“Fortis” or the “Corporation”) (TSX/NYSE:FTS) announced today that it has completed the sale of its 51% interest in the Waneta Expansion Hydroelectric Project in British Columbia (“Waneta Expansion”) to Columbia Power Corporation (“CPC”) and Columbia Basin Trust (“CBT”) for a purchase price of approximately $1 billion. Following today’s closing, CPC and CBT now own 100% of the Waneta Expansion. FortisBC will continue to operate the Waneta Expansion facility and purchase its surplus capacity.
“The sale of our interest in the Waneta Expansion helps finance the substantial growth occurring in our regulated utility businesses across North America,” said Barry Perry, President and Chief Executive Officer, Fortis.
The proceeds from this transaction will be used to repay short-term borrowings and repurchase approximately US$400 million of the Corporation’s outstanding 3.055% notes due 2026.
Fortis is a leader in the North American regulated electric and gas utility industry with 2018 revenue of C$8.4 billion and total assets of approximately C$53 billion as at December 31, 2018. The Corporation’s 8,800 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.
Fortis shares are listed on the TSX and NYSE and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com, www.sedar.com, or www.sec.gov.
For more information please contact:
Ms. Stephanie Amaimo
Vice President, Investor Relations Fortis Inc.
Ms. Karen McCarthy
Vice President, Communications & Corporate Affairs Fortis Inc.