Canada-based energy firm Enbridge has completed its acquisition of all common shares of Tonbridge Power for a total consideration of $20m.
As part of the arrangement plan, Enbridge will also repay about $50m of debt incurred in the development of the 345km Montana-Alberta tie-line (MATL) power transmission project being developed by Tonbridge.
In addition, Enbridge will provide funding for the first 300MW phase of the transmission project, as well as a low-cost expansion to 550-600MW.
Enbridge will incur a total cost of $300m for completion of both phases, of which about half is being funded from the Western Area Power Administration of the US Department of Energy.
MATL is a transmission line connecting Great Falls, Montana to Lethbridge, Alberta.