Sagatay Transmission L.P. Welcomes Algonquin Power & Utilities Corp. as a
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
"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.
Sagatay Transmission L.P. Tri Luu Project Manager Telephone: (416) 417-2000
Algonquin Power & Utilities Corp. Kelly Castledine 2845 Bristol Circle,
Oakville, Ontario, L6H 7H7 Telephone: (905) 465-4500
SOURCE: Sagatay Transmission L.P.
To view this news release in HTML formatting, please use the following URL:
CO: Sagatay Transmission L.P.
NI: UTI VNT
-0- Mar/14/2013 21:46 GMT
Press spacebar to pause and continue. Press esc to stop.