The Canadian utility BC Hydro plans to acquire the remaining two-third ownership interest in the 480 MW Waneta dam (Pend d'Oreille River, Trail, British Columbia, Canada,) from Teck Resources for C$1.2bn (US$954m). Once purchased, BC Hydro will have complete ownership of the facility but the transaction also includes a 20-year lease agreement which stipulates that the electricity generated from the two-third shares will continue to supply power to the neighbouring Teck smelter facility in Trail at the prices set previously. The deal is scheduled to be closed after the second quarter of 2018.
BC Hydro already purchased a 33.3% stake in the facility for C$825m and supplied one-third of the generated power to its customers while the remaining two thirds are sold to the Teck Resources's network. The dam was originally built back in 1954 by Teck Resources (at that time Consolidated Mining and Smelting Company of Canada) and produces around 2,680 GWh of electricity per year.