Skip to content

Canada Infrastructure Bank and Fortis subsidiary invest in transmission line

OTTAWA — The Canada Infrastructure Bank and ITC Investment Holdings have signed a deal to invest $1.7 billion in an underwater transmission line connecting Ontario to Pennsylvania under Lake Erie.

Under terms of the agreement in principle, the Canada Infrastructure Bank will invest up to $655 million or 40 per cent of the project cost.

ITC, a subsidiary of Fortis Inc., and private sector lenders will invest up to $1.05 billion.

The Lake Erie Connector is a proposed 117-kilometre underwater transmission line connecting Ontario with the PJM Interconnection on the U.S. side of the lake.

ITC acquired the project in August 2014 and has received all necessary regulatory and permitting approvals.

The CIB expects the deal to close later this year, pending final project transmission agreements, with construction to start soon after.

This report by The Canadian Press was first published April 13, 2021.

Companies in this story: (TSX:FTS)

The Canadian Press


Looking for National Business News?

VillageReport.ca viewed on a mobile phone

Check out Village Report - the news that matters most to Canada, updated throughout the day.  Or, subscribe to Village Report's free daily newsletter: a compilation of the news you need to know, sent to your inbox at 6AM.

Subscribe