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KKR to buy Emera's stake in Canadian energy transmission project for $872 million

Reuters
·1-min read
FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the NYSE in New York

(Reuters) -Private equity firm KKR would acquire Canadian energy firm Emera's indirect minority stake in the Labrador Island Link (LIL) clean energy transmission project for C$1.19 billion ($872.24 million), the companies said on Tuesday.

Commissioned in 2023, the LIL is a 1,100-kilometer high voltage transmission line that delivers renewable energy to Newfoundland, Nova Scotia and beyond.

The transaction, which is expected to close on or about June 4, is made of C$957 million in cash and C$235 million for taking over Emera's obligation to fund the rest of the initial capital investment.

Proceeds from the deal will be used to reduce Emera's debt and support its investment opportunities in its regulated utility businesses, the companies said.

($1 = 1.3643 Canadian dollars)

(Reporting by Sourasis Bose in Bengaluru; Editing by Arun Koyyur)