TIMMINS,
ON, Dec. 13, 2023 /CNW/ - Five Nations
Development Inc., a wholly owned subsidiary of Five Nations Energy
Inc., and Hydro One Networks Inc. (Hydro One) today announced the
signing of an initial partnership agreement to work together to
meet the growing electricity demands in northeastern Ontario while increasing Indigenous
participation in the energy sector.
A partnership between the two Ontario-based utilities further connects
Hydro One and First Nation interests in the planning, development,
and building of future transmission line projects. It is an
innovative approach targeting specific areas for relationship
building and economic advancement with an initial focus in
northeastern Ontario.
Says Pat Chilton, CEO of Five
Nations Energy Inc., "As the only 100% Indigenous-owned
electricity transmission company in Canada, our Nations know best how to deliver
reliable and safe electricity to First Nation customers, while
providing maximum economic benefits to communities. Partnering with
Hydro One will enable us to share our decades of expertise and
identify new pathways for First Nation participation in
Ontario's future transmission
system. We commend Hydro One for their leadership in building
strong partnerships with First Nations."
This unprecedented Ontario
collaboration brings together the latest expertise, experience, and
capability to maximize growth opportunities in the construction and
operations of new transmission lines. The companies will
collaborate to increase First Nation participation in procurement,
employment, and training, while supporting efforts to build new
long-term economic capacity in the energy sector.
"Hydro One is pleased to work together with Five Nations
Energy to build a strategic partnership that will bring a made in
Ontario approach to building
critical transmission infrastructure. Together, we will energize
life for communities across northeast Ontario while advancing increased Indigenous
participation in the energy sector," said David Lebeter, President and CEO, Hydro One.
"Our approach to building critical transmission infrastructure
is underpinned by a genuine commitment to advance meaningful action
on reconciliation by building new partnerships and ensuring
economic benefits flow to Indigenous communities."
Five Nations Energy has delivered electricity via the Omushkego
Ishkotayo Project since 2001. The transmission line runs from
Moosonee to Fort Albany, Kashechewan, Attawapiskat, and to the line that connects
the De Beers Canada Victor Diamond Mine north of
Attawapiskat. The Nations also operate and provide high speed
telecommunications through a fiber optic network that is tied into
the Five Nations Energy transmission system.
"This partnership with Hydro One highlights the importance of
First Nations leadership, participation, and capacity building to
advance new energy projects in Ontario," continues Chilton. "We
believe our joint expertise offers the very best possibilities for
Ontario's energy network, now and
for the future."
The two companies, working to seek input and guidance from First
Nations, will move the partnership forward by working together over
the next six months to finalize the definitive agreement that will
govern the partnership.
About Five Nations
Development
Five Nations Development Inc. (FNDI) is a development company
created specifically for the advancement of commercial
opportunities in the energy sector. As a 100% owned subsidiary of
Five Nations Energy Inc. (FNEI), the economic development company
builds on FNEI's 25 years of operational excellence in advancing
Indigenous interests. Through the partnerships it creates, FNDI
advances its mandate of exploring commercial opportunities in
traditional and renewable energy projects.
Hydro One Limited (TSX:
H)
Hydro One Limited, through its wholly-owned subsidiaries, is
Ontario's largest electricity
transmission and distribution provider with approximately 1.5
million valued customers, approximately $31.5 billion in assets as at December 31, 2022, and annual revenues in 2022 of
approximately $7.8 billion.
Our team of approximately 9,300 skilled and dedicated employees
proudly build and maintain a safe and reliable electricity system
which is essential to supporting strong and successful communities.
In 2022, Hydro One invested approximately $2.1 billion in its transmission and distribution
networks, and supported the economy through buying approximately
$1.9 billion of goods and
services.
We are committed to the communities where we live and work
through community investment, sustainability and diversity
initiatives. We are designated as a Sustainable Electricity Leader™
by Electricity Canada.
Hydro One Limited's common shares are listed on the TSX and
certain of Hydro One Inc.'s medium term notes are listed on the
NYSE. Additional information can be accessed at www.hydroone.com,
www.sedarplus.com or www.sec.gov.
Forward-Looking Statements and
Information:
This press release may contain "forward-looking information"
within the meaning of applicable securities laws. Words such as
"expect", "anticipate", "intend", "attempt", "may", "plan", "will",
"can", "believe", "seek", "estimate", and variations of such words
and similar expressions are intended to identify such
forward-looking information. These statements are not guarantees of
future performance or actions and involve assumptions and risks and
uncertainties that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed,
implied or forecasted in such forward-looking information. Some of
the factors that could cause actual results or outcomes to differ
materially from the results expressed, implied or forecasted by
such forward-looking information, including some of the assumptions
used in making such statements, are discussed more fully in Hydro
One's filings with the securities regulatory authorities in
Canada, which are available on
SEDAR at www.sedar.com. Hydro One does not intend, and it disclaims
any obligation, to update any forward-looking information, except
as required by law.
SOURCE Five Nations Development Inc.