Financial close for Wataynikaneyap Power Transmission Project in Ontario

Wataynikaneyap Power, a wholly owned subsidiary of Fortis Inc. has achieved financial close and issued the notice to proceed to Valard LP for construction of the Wataynikaneyap Power Transmission Project.

The Wataynikaneyap Power Transmission Project is majority-owned by First Nation Limited Partnership (FNLP) in partnership with Fortis and other private investors. The project has a total of cost up to CAD1.9 billion (US$1.44 billion) that will be built in Northwestern Ontario, and be connected to 17 remote First Nations communities to the Ontario power grid. Pikangikum First Nation was the first community to be connected in December 2018. The project is scheduled to be complete by the end of 2023.

In September 6, 2019, Valard LP, operating subsidiary of Quanta Services, Inc., has acquired the contract to design, procure materials and equipment, and to build the 1,800 kilometres of transmission lines for Wataynikaneyap Power Transmission Project. Once commissioned, the project is epected to reduce 6.6 million tonnes of CO2 equivalent GHG emissions over 40 years. 

The project will create an estimated 769 jobs during construction, close to CAD900 million(US$680.97 million) in socio-economic value, along with many other new economic opportunities.