On July 26, 2018, Teck Resources Limited (Teck) completed the sale of its remaining two-thirds interest in the Waneta Hydroelectric Generating Facility to BC Hydro (BC Hydro) for CDN$1.2 billion. Waneta is a 496MW hydroelectric dam located near Trail, British Columbia. As part of the sale, Teck Metals Ltd. (Teck Metals), a wholly owned subsidiary of Teck, holds a 20-year lease to use the two-thirds interest in Waneta to produce power for its industrial operations in Trail. Teck Metals has an option to extend the lease for a further 10 years. The transaction was also the subject of a review by the BC Utilities Commission.
Fasken advised Teck Resources with a team led by Ron Ezekiel, and including Kai Alderson, Steven Catania, and Sarah Martin (M&A/Energy), Chris Sharpe (Real Property), Don Dalik (Competition), Brent Lewis (Financing), David Both (Regulatory), Darrell Wickstrom (Trusts), and Michael Coburn, and Hardeep Gill (Tax).
