-Private equity firm KKR would acquire Canadian energy firm Emera's indirect minority stake in the Labrador Island Link clean energy transmission project for C$1.19 billion , the companies said on Tuesday.
Commissioned in 2023, the LIL is a 1,100-kilometer high voltage transmission line that delivers renewable energy to Newfoundland, Nova Scotia and beyond.The transaction, which is expected to close on or about June 4, is made of C$957 million in cash and C$235 million for taking over Emera's obligation to fund the rest of the initial capital investment.
Proceeds from the deal will be used to reduce Emera's debt and support its investment opportunities in its regulated utility businesses, the companies said.It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home.