Ontario Expands First Nations Ownership in East-West Tie Transmission Line – Wawa-news.com
As part of its plan to protect Ontario and build a stronger, more reliable electricity system, the government is welcoming increased First Nations ownership of the East-West Tie (EWT) Transmission Line. Bamkushwada LP (BLP), representing six First Nations on the shores of Gichigami (Lake Superior), has increased its equity stake in the line from 3.5 per cent to 20 per cent, with the support of a provincial guarantee. Through the Indigenous Opportunities Financing Program (IOFP), Ontario is providing a provincial guarantee of up to $75 million to support the expanded ownership stake, backed by a loan from Canada Life.
“Ontario’s integrated energy plan is building stronger partnerships with First Nation communities across the province,” said Sam Oosterhoff, Associate Minister of Energy-Intensive Industries. “The increased ownership stake in this historic East-West Tie will ensure that Indigenous communities play a prominent role in building and delivering the energy infrastructure needed in Ontario. It will also help unlock good jobs, economic development and energy innovation in the region, today and for decades to come.”
