TORONTO — Hydro One is offering First Nations a chance to invest in a 50 per cent equity stake in new capital transmission line projects worth more than $100 million.
The power utility announced the new plan following the signing of an agreement in the spring with eight First Nations represented by Gwayakocchigewin Limited Partnership for the Waasigan Transmission Line project.
It says, in total, nine First Nations will have the opportunity to invest in 50 per cent of the Waasigan project in northwestern Ontario.
Hydro One says the new investment model will also apply to the five transmission lines it is developing in southwest Ontario.
The company also committed to increasing its Indigenous procurement spend to five per cent of all materials and services by 2026 and ensuring that 20 per cent of its corporate donations and sponsorships support Indigenous communities.
Hydro One is Ontario's largest electricity transmission and distribution provider.
This report by The Canadian Press was first published Sept. 22, 2022.
Companies in this story: (TSX:H)
The Canadian Press