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Teck Resources Limited completes sale of Waneta Dam to BC Hydro for C$1.2 billion

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Teck Resources Limited

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).



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