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
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 (TSX:
H)
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.
Forward-Looking Statements and
Information:
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.