TORONTO – The province of Ontario has completed the sale of 14.4 million common shares of Hydro One to OFN Power Holdings. OFN Power is a limited partnership owned by Ontario First Nations Sovereign Wealth, which is in turn owned by the 129 First Nations in the province.
The shares were priced at $18 each for a total price of $259.0 million. OFN Power now holds 2.4% of Hydro One. The Ontario government now holds about 47.4% of Hydro One.
The sale is part of the province’s healing and reconciliation plan with indigenous people. The agreement in principle between Ontario and its First Nations was announced in July 12, 2016.
Learn about Hydro One at www.HydroOne.com.