Borealis will buy a 31.6 per cent interest in Bruce Power B from Camco for $450m. This sale will increase Borealis’ interest in Bruce Power to 56.1 per cent.
Bruce B operates four of the eight reactors at the world’s largest nuclear generating facility in Tiverton, Ontario. Other investors in Bruce Power, TransCanada Corporation, Power Workers’ Union and Society of Energy Professionals, are considering whether to exercise their options related to additional ownership.
“We are very pleased to have the opportunity to increase our ownership in Bruce Power,” said Michael Rolland, president & CEO of Borealis. “Bruce Power is an investment that continues to fit with our long-term strategy to invest in core, large-scale and high-quality infrastructure assets. It also plays a critical role in meeting the supply needs of the province of Ontario.”
Bruce Power operates the world’s largest nuclear facility that generated 30 per cent of Ontario’s electricity in 2013.
Ontario’s recently released Long Term Energy Plan (LTEP) commits to sustain Bruce Power’s role in Ontario’s energy future providing up to 6,300MW of capacity. The focus now is to turn this policy position into action and Borealis is committed to supporting Bruce Power towards this goal.
Bruce Power is Canada’s largest public-private partnership. While the assets remain owned by the Province, Bruce Power operates the facility and provides electricity under contract with the Ontario Power Authority (OPA).
Borealis manages approximately $10bn in OMERS equity capital through investments in a portfolio of large-scale infrastructure assets in sectors including energy, transportation and government-regulated services.
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