Fortis selling to province

Photo: The Canadian Press

Fortis Place in downtown St. John's, N.L., is seen on Tuesday, Feb. 9, 2016.

Fortis Inc. has signed a deal to sell its 51 per cent stake in the Waneta expansion hydroelectric project in B.C. to its provincial government partners for approximately $1 billion.

The B.C. government's Columbia Power Corp. and Columbia Basin Trust together already hold the other 49 per cent of the Waneta expansion.

The project was completed in 2015 and has the capacity to produce 335 megawatts of power.

Fortis says the sale will help finance the growth of its regulated utility business.

FortisBC will continue to operate the facility and purchase its surplus capacity.

The deal, which is subject to customary closing conditions, is expected to close within 90 days.