Hydro One Limited has acquired a 48-percent interest in the East-West Tie Limited Partnership.

The partnership owns the East-West Tie Line, a 450-kilometre, 230-kilovolt double-circuit transmission line that spans between Wawa and Thunder Bay, along the north shore of Lake Superior.

The acquisition is valued at approximately $261 million.

Its completion results in a partnership with the remaining owners of the East-West Tie Line – the Bamkushwada Limited Partnership, a consortium of six First Nations, and affiliates of NextEra Energy Canada, LP who own approximately 3.5 percent and 48 percent respectively.

"Electricity is the backbone of the economy, and Hydro One has a long history of owning and operating transmission infrastructure in the north," said David Lebeter, President and Chief Executive Officer, Hydro One. "This investment will continue to support the reliable delivery of electricity that powers daily life and contributes to shared long-term prosperity in the region."

The East-West Tie Line was built in partnership with the Bamkushwada Limited Partnership, which is jointly owned by Fort William First Nation, Michipicoten First Nation, Biigtigong Nishnaabeg (Ojibways of the Pic River First Nation), Pays Plat First Nation, Netmizaaggamig Nishnaabeg (Pic Mobert First Nation) and Red Rock Indian Band.