05:13 PM EST, 12/19/2024 (MT Newswires) -- Hydro One ( HRNNF ) on Thursday said it agreed to purchase a 48% stake in the East-West Tie Limited Partnership from OMERS Infrastructure Management and Enbridge Transmission Holdings for $257 million.

The East-West Tie Limited Partnership owns the East-West Tie Line, a 450-kilometer, 230 kV double-circuit transmission line, regulated by the Ontario Energy Board (OEB), running from Wawa to Thunder Bay, along the north shore of Lake Superior.

The transaction results in a partnership with the remaining owners of the East-West Tie Line, the Bamkushwada Limited Partnership, a consortium of six First Nations, and affiliates of NextEra Energy Canada, LP who own approximately 3.5% and 48% respectively.

The line connects northwest Ontario communities and industries to Ontario's electricity grid.

"Hydro One ( HRNNF ) has a long history of owning and operating transmission infrastructure in northern Ontario," said chief executive David Lebeter. "By investing in this critical transmission infrastructure, we not only support the reliable delivery of electricity but also contribute to the long-term economic opportunities and shared prosperity in the region."

Hydro One ( HRNNF ) shares closed down $0.15 to $43.57 on the Toronto Stock Exchange.