A fund managed by Axium Infrastructure has acquired an 80 percent equity interest in PUC Transmission (PUC TransCo), a licensed transmission utility governed under the Ontario regulatory utility framework. Financial terms were not disclosed.
PUC TransCo was established to construct and operate a greenfield transformation station and transmission line project, located in Sault Ste. Marie, Ontario. It is owned in partnership with the public utility of Sault Ste. Marie, PUC Inc., a wholly owned subsidiary of the Corporation of the City of Sault Ste. Marie.
The Sault Ste. Marie project will consist of a 10-kilometer (6.2-mile) double-circuit 230-kilovolt transmission line and a 230-kilovolt transformer station, designed to help Algoma Steel Inc. (ASI) transition from using blast furnaces for its steelmaking operations to using electric arc furnaces. This will help to reduce its carbon dioxide emissions by approximately 3 million tons annually. Construction is expected to b