TORONTO — A company based in Australia has acquired a 49 per cent interest in the owner and operator of five hydroelectric generating stations in Northwestern Ontario.
Toronto-based H20 Power struck a deal with TCorp of Sydney.
The partnership controls the third largest provider of hydroelectric power in Ontario.
Assets include a 13 megawatt facility on the Rainy River in Fort Frances (built in 1909), 8.4 megawatt and 9 megawatt plants on the Seine River system east of Fort Frances, and 13 megawatt and 5.5 megawatt hydro plants in Kenora, dating as far back as 1906.
H20 Power also owns three generating stations in northeastern Ontario.
All the facilities are operated remotely from the company's Oshawa control centre.
H20 President Jim Gartshore said the management team in place since the company was formed in 2007 will remain in charge.
"We look forward to working with the new co-owner to produce reliable hydroelectric power from our recently refurbished and upgraded fleet as well as seeking out additional opportunities in renewable energy," Gartshore said.
