Bracebridge Generation has made its biggest acquisition to date.
The company has purchased the 1.65-megawatt Wasdell Falls generation station in Washago.
Chris Litschko, CEO of parent company Lakeland Holdings, says the station will sell clean energy to Hydro One’s network in the area.
“What we’re looking at is good long-term investments for our municipal shareholders,” says Litschko. “Something that is sustainable and something that we can depend on. Because we like to pay out dividends to our shareholders, and it helps them with their operations throughout the year.”
Those shareholders are the municipalities of Bracebridge, Huntsville, Parry Sound, Sundridge, Burk’s Falls, and Magnetawan.
The purchase of the dam brings the total number of waterpower plants at the company to 11.
“We are a green company, and we’re trying to grow our green portfolio,” says Litschko. “You don’t have very many opportunities that are local like this, to make these kinds of acquisitions. So we were aggressive, and we’re really happy to be able to make this investment.”
