Through this industry-leading agreement with Hydro One, First Nations communities will have the option to invest in a 50 per cent equity stake in a new transmission line that will support electricity reliability and economic growth in northwest Ontario
THUNDER BAY, ON, May 4, 2022 /CNW/ - Today at a ceremony hosted on the Fort William First Nation, Hydro One Networks Inc. (Hydro One) and Gwayakocchigewin Limited Partnership (GLP), a consortium of eight First Nations, advanced their collaboration through entering into an agreement on the Waasigan Transmission Line project. The agreement provides the eight First Nations communities represented by the GLP with the opportunity to invest in an equity stake of the project. In total, nine First Nations in the region will have the opportunity to invest in a 50 per cent stake in the transmission line.
This industry-leading agreement will transform the way in which First Nations participate in critical infrastructure development. It will provide generational revenues for these First Nations communities and is a strong signal as to how Hydro One intends to move forward on new large scale transmission line projects.
"As Canadians, we have a responsibility to reflect on our past and take meaningful action towards Reconciliation with Indigenous communities," said Mark Poweska, President and Chief Executive Officer, Hydro One. "Indigenous communities have historically borne the impacts of infrastructure development in their territories without seeing the benefits. This announcement is a progressive step to increase opportunities for First Nations communities to participate with industry and with Hydro One as we collectively build the electricity grid of the future."
"We must seek out partnerships where we participate as equal partners to support our communities and our members. The terms of the partnership signed with Hydro One today is a tremendous opportunity for everyone involved and demonstrates the right approach to Indigenous Participation on infrastructure development," said Tom Johnson, President of Gwayakocchigewin Limited Partnership. "First Nations working together and in a true partnership with Hydro One, will help us secure a brighter future for our people."
GLP represents the following First Nations communities:
- Eagle Lake First Nation
- Fort William First Nation
- Seine River First Nation
- Nigigoonsiminikaaning First Nation
- Wabigoon Lake Ojibway Nation
- Lac La Croix First Nation
- Lac Seul First Nation
- Ojibway Nation of Saugeen
Hydro One is committed to working together with Indigenous communities throughout the life cycle of the Waasigan project.
The Waasigan Transmission Line will bolster capacity in northwest Ontario by adding 350 megawatts of capacity to the region with a new double-circuit 230 kilovolt (kV) transmission line between Lakehead Transmission Station (TS) in the Municipality of Shuniah and Mackenzie TS in the Town of Atikokan, and a new single-circuit 230 kV transmission line between Mackenzie TS and Dryden TS in the City of Dryden. Completion of the line is contingent on stakeholder consultation and regulatory approvals. To learn more about the project, visit: HydroOne.com/Waasigan.
Gwayakocchigewin Limited Partnership (GLP) is a consortium of eight First Nations working together on the development of the Waasigan Transmission Line. Gwayakocchigewin means "making decisions the right way". GLP's goal is to achieve meaningful economic participation for its First Nations, while protecting the lands, waters, and cultural values potentially impacted by the Waasigan Project. Additional information can be found at www.glp-fn.ca
Hydro One Limited, through its wholly-owned subsidiaries, is Ontario's largest electricity transmission and distribution provider with approximately 1.5 million valued customers, approximately $30.4 billion in assets as at December 31, 2021, and annual revenues in 2021 of approximately $7.2 billion.
Our team of approximately 9,300 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system which is essential to supporting strong and successful communities. In 2021, Hydro One invested approximately $2.1 billion in its transmission and distribution networks, and supported the economy through buying approximately $1.7 billion of goods and services.
We are committed to the communities where we live and work through community investment, sustainability and diversity initiatives. We are designated as a Sustainable Electricity Company by the Canadian Electricity Association.
Hydro One Limited's common shares are listed on the TSX and certain of Hydro One Inc.'s medium term notes are listed on the NYSE. Additional information can be accessed at www.hydroone.com, www.sedar.com or www.sec.gov.
This press release may contain "forward-looking information" within the meaning of applicable securities laws. Words such as "expect", "anticipate", "intend", "attempt", "may", "plan", "will", "can", "believe", "seek", "estimate", and variations of such words and similar expressions are intended to identify such forward-looking information. These statements are not guarantees of future performance or actions and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking information. Some of the factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by such forward-looking information, including some of the assumptions used in making such statements, are discussed more fully in Hydro One's filings with the securities regulatory authorities in Canada, which are available on SEDAR at www.sedar.com. Hydro One does not intend, and it disclaims any obligation, to update any forward-looking information, except as required by law.
SOURCE Hydro One Inc.
