Hydro One to Acquire Orillia Power from City of Orillia
August 16, 2016
Hydro One has reached an agreement to acquire 100% of Orillia Power from the City of Orillia, Ontario.
Hydro One will pay the city $26.35 million and assume $14.9 million of debt and regulatory liabilities, for a total transaction value of $41.3 million.
Hydro One and the City of Orillia have also entered into separate facilities and land purchase agreements to construct a backup Ontario grid control centre, a provincial warehouse, and a regional operations centre in Orillia’s Horne Business Park following the closing of the Orillia Power acquisition and the receipt of Ontario Energy Board and other approvals.
Orillia Power serves 14,000 customers and is located in Simcoe County. Hydro One’s territory includes the areas surrounding the City of Orillia. The acquisition and facility investments are conditional upon the satisfaction of customary closing conditions, and approval of the Ontario Energy Board.
