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Nuclear company British Energy bails out of Ontario 9 MW project
1 February 2003
Just weeks after coming online, Ontario's 9 MW Huron wind farm acquired a new group of co-owners after financially troubled British Energy, a nuclear power company, announced it was selling its generating assets in the province. The company's 50% interest in the wind farm, which it jointly owns and operates with Ontario Power Generation, is only a small part of the deal, which also includes the disposal of British Energy's 82.4% stake in the Bruce Power nuclear facility. Once the C$950 million sale closes this month, Saskatoon-based uranium producer Cameco Inc, Calgary-based TransCanada PipeLines Ltd and Ontario's BPC Generation Income Trust, an affiliate of the Ontario Municipal Employees Retirement System pension fund, will each own a 16.7% stake in the wind farm and a 31.6% share of the Bruce nuclear complex. As part of the agreement, unions at the plant will double their current combined ownership in the nuclear facility to 5.2%. The sale of British Energy assets is part of a comprehensive bailout deal in which the company is being kept afloat by a £410 million UK government loan in return for agreeing to undergo major restructuring.
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