Canadian-based electricity generation firm Emera Inc. has closed on its deal to sell its Maine-based transmission and distribution company.
ENMAX Corp. is acquiring Emera Maine for approximately $959 million, according to reports. Emera Maine delivers electricity for more than 159,000 customers.
The acquisition increases ENMAX’s regulated rate base by 50 percent, the company reported. The city of Calgary, Canada, is a key shareholder in ENMAX.
“We are pleased to have completed this acquisition, as it reflects our strategy,” ENMAX CEO Gianna Manes said. “ENMAX has made significant, long-term commitments to Emera Maine’s employees, customers and Maine communities.
Emera Inc., headquartered in Nova Scotia (pictured) was created out of the privatization of Nova Scotia Power Inc. 22 years ago. The company owns that utility and TECO Energy (Tampa Electric).
Emera holds approximately $32 billion in assets and 2019 revenues of more than $6.1 billion.