Fortis to Sell Its Interest in the Waneta Expansion Hydroelectric Project in British Columbia
Fortis Inc. Common Shares (FTS)
Last fortis inc. common shares earnings: 2/13 06:00 am
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US:NYSE Investor Relations:
fortisinc.com/investor-relations/investor-relations
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Source: GlobeNewswire
ST. JOHN'S, Newfoundland and Labrador, Jan. 28, 2019 (GLOBE NEWSWIRE) -- Consistent with its capital investment funding strategy, Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) today announced it has entered into a definitive agreement with Columbia Power Corporation ("CPC") and Columbia Basin Trust ("CBT") to sell its 51% interest in the Waneta Expansion Hydroelectric Project in British Columbia ("Waneta Expansion") for approximately $1 billion. CPC and CBT are currently partners with the Corporation and together own 49% of the Waneta Expansion. As previously disclosed, the Corporation expects to fund its $17.3 billion five-year capital investment plan at its North American regulated utility business with cash from operations, debt raised at its utilities, common equity from the Corporation's dividend reinvestment plan and $1 to $2 billion of proceeds from non-core asset sales. "The sale of our interest in the Waneta Expansion helps finance the substantial growth occ
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