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KKR to acquire Emera’s equity interest in critical clean energy transmission project for $872m
Transactions - MAY 29, 2024

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KKR to acquire Emera’s equity interest in critical clean energy transmission project for $872m

by Kali Persall

Emera, an international energy and services company, and KKR, a global investment firm, have entered into a definitive agreement through which KKR will acquire Emera’s indirect minority equity interest in the Labrador Island Link (LIL), a critical clean energy transmission project in Canada.

Valued at C$1.19 billion ($872 million), the transaction is composed of C$957 million ($702 million) in cash and C$235 million ($172 million) for assuming Emera’s obligation to fund the remaining initial capital investment. Proceeds from the transaction will be used to reduce Emera’s corporate debt and support its investment opportunities in its regulated utility businesses.

The LIL is a 1,100-kilometer (683.5-mile) high-voltage transmission line that delivers renewable energy to Newfoundland, Nova Scotia and beyond. Commissioned in 2023, the LIL is a vital transmission line of strategic importance to Atlantic Canada and has helped strengthen the Newfoundland and Labrador pow

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