The Ontario Energy Board approved the sale of the Orillia Power Distribution Corporation to Hydro One on Thursday.
The sale, which is expected to close in the coming months, includes the purchase of all the Orillia Power Distribution Corporation’s (OPDC) shares for $26.35 million, in addition to the assumption of about $14.9 million of debt.
“During such a challenging economic climate due to COVID-19, the Ontario Energy Board’s approval of the sale of OPDC to Hydro One and the significant investments to be made in Orillia as a result of this decision is a beacon of light,” Orillia Mayor Steve Clarke said in a statement.
“The sale of the distribution arm of Orillia Power to Hyrdo One will bring tremendous growth and investment to the city of Orillia.”
The city will retain ownership of the OPDC. After the deal has closed, Hydro One plans to build a provincial warehouse and regional operations centre in Orillia’s Horne Business Park.
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