Orillia Power Generation Corporation, which is wholly owned by the city of Orillia in Ontario, Canada, acquired 100% of Shaman Power Corporation for $11 million on Oct. 1, 2020, adding three hydro generating stations to the company’s portfolio.
The Shaman acquisition adds the Marmora, Elora and Fenelon Falls small hydro stations in Ontario to Orillia’s three Ontario waterpower stations (7.8-MW Swift Rapids, 4-MW Minden and 2.95-MW Matthias) for a combined renewable generation capacity of 20.1 MW.
OPGC, the electricity generation division of the Orillia Power Corporation (OPC), has been generating clean, renewable electricity for more than 100 years. OPGC sells all the electricity it generates into the Ontario power grid, pursuant to long-term contracts.
“We are very pleased that this rare opportunity to grow our generation business has come to fruition. We look forward to integrating the three additional generating stations into our existing operations and expanding our presence in the renewable energy sector, which will ultimately result in greater value for our sole shareholder – the City of Orillia,” said Grant Hipgrave, president and chief executive officer of OPGC.
“The acquisition of Shaman’s three power stations by OPGC further solidifies Orillia Power as a key player in the renewable energy sector,” said Mayor Steve Clarke. “This strategic investment will further contribute to the long-term growth and stability for the generation corporation, which will translate into increased value for the City of Orillia. The City of Orillia has always been committed to the retention of OPGC as the jewel of Orillia Power and we are extremely pleased to see its continued growth and success.”
The growth of OPGC comes on the heels of the sale of the Orillia Power Distribution Corporation (OPDC) to Hydro One Inc. for $26.35 million on Sept. 1, 2020.