TIMMINS, ON, Dec. 13, 2023 /CNW/ - Five Nations Development Inc., a wholly owned subsidiary of Five Nations Energy Inc., and Hydro One Networks Inc. (Hydro One) today announced the signing of an initial partnership agreement to work together to meet the growing electricity demands in northeastern Ontario while increasing Indigenous participation in the energy sector.
A partnership between the two Ontario-based utilities further connects Hydro One and First Nation interests in the planning, development, and building of future transmission line projects. It is an innovative approach targeting specific areas for relationship building and economic advancement with an initial focus in northeastern Ontario.
Says Pat Chilton, CEO of Five Nations Energy Inc., "As the only 100% Indigenous-owned electricity transmission company in Canada, our Nations know best how to deliver reliable and safe electricity to First Nation customers, while providing maximum economic benefits to communities. Partnering with Hydro One will enable us to share our decades of expertise and identify new pathways for First Nation participation in Ontario's future transmission system. We commend Hydro One for their leadership in building strong partnerships with First Nations."
This unprecedented Ontario collaboration brings together the latest expertise, experience, and capability to maximize growth opportunities in the construction and operations of new transmission lines. The companies will collaborate to increase First Nation participation in procurement, employment, and training, while supporting efforts to build new long-term economic capacity in the energy sector.
"Hydro One is pleased to work together with Five Nations Energy to build a strategic partnership that will bring a made in Ontario approach to building critical transmission infrastructure. Together, we will energize life for communities across northeast Ontario while advancing increased Indigenous participation in the energy sector," said David Lebeter, President and CEO, Hydro One. "Our approach to building critical transmission infrastructure is underpinned by a genuine commitment to advance meaningful action on reconciliation by building new partnerships and ensuring economic benefits flow to Indigenous communities."
Five Nations Energy has delivered electricity via the Omushkego Ishkotayo Project since 2001. The transmission line runs from Moosonee to Fort Albany, Kashechewan, Attawapiskat, and to the line that connects the De Beers Canada Victor Diamond Mine north of Attawapiskat. The Nations also operate and provide high speed telecommunications through a fiber optic network that is tied into the Five Nations Energy transmission system.
"This partnership with Hydro One highlights the importance of First Nations leadership, participation, and capacity building to advance new energy projects in Ontario," continues Chilton. "We believe our joint expertise offers the very best possibilities for Ontario's energy network, now and for the future."
The two companies, working to seek input and guidance from First Nations, will move the partnership forward by working together over the next six months to finalize the definitive agreement that will govern the partnership.
Five Nations Development Inc. (FNDI) is a development company created specifically for the advancement of commercial opportunities in the energy sector. As a 100% owned subsidiary of Five Nations Energy Inc. (FNEI), the economic development company builds on FNEI's 25 years of operational excellence in advancing Indigenous interests. Through the partnerships it creates, FNDI advances its mandate of exploring commercial opportunities in traditional and renewable energy projects.
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 $31.5 billion in assets as at December 31, 2022, and annual revenues in 2022 of approximately $7.8 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 2022, Hydro One invested approximately $2.1 billion in its transmission and distribution networks, and supported the economy through buying approximately $1.9 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 Leader™ by Electricity Canada.
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.sedarplus.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 Five Nations Development Inc.
