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Enbridge, Borealis Infrastructure and NextEra Partner to Bid for Northern Ontario Power Line Project

According to the press release, “NextEra Energy Canada, Enbridge and Borealis Infrastructure announced today that they have filed for regulatory approval to allow Enbridge and Borealis to acquire interests in NextEra Energy Canada’s subsidiary, Upper Canada Transmission, Inc. Upper Canada Transmission, Inc. intends to bid for the opportunity to develop a new transmission line in Northern Ontario between Wawa and Thunder Bay as a joint venture through a limited partnership among affiliates of NextEra Energy Canada, Enbridge and Borealis. The venture plans to operate under the name NextBridge Infrastructure.

The proposed Ontario East-West Transmission Tie is expected to increase reliability, allow for the retirement or conversion of northern coal facilities and increase the ability to develop renewable generation in the region. If selected, the consortium expects to develop, construct, own and operate the new line under the regulatory oversight of the Ontario Energy Board. The expected in-service date is as early as 2017.

An Ontario Power Authority report has identified the project as a 400km, 230kV transmission line with an estimated investment of $600 million. The report states that the cost of the project is expected to be outweighed by the savings to the ratepayers of Ontario through lower congestion resulting in decreased generation costs, lower losses and increased reliability.”

Read more: Enbridge Press Release

Mubadala Inches Closer to Invepar Ownership

Since the beginning of the year, Abu Dhabi-based Mubadala Investment Company has been looking at owning the distressed Brazilian infrastructure company Invepar SA for quite some time. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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KDC’s Latest Acquisition a Breath of Fresh Air

Knowlton Development Corporation (KDC) has made its latest acquisition with the purchase of Aromair Fine Fragrance Company Inc., a U.S. subsidiary of Aromair Group that specializes in air care products, from London-based Strategic Value Partners. The terms of the transaction, which was completed on November 8, were not disclosed. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norges Bank Recommends Dropping Oil Stocks for Sovereign Fund

Norges Bank penned a letter to its Ministry of Finance recommending the removal of oil and gas stocks from the GPFG’s benchmark index. At the moment, oil and gas stocks make up roughly 6% of the wealth fund’s benchmark index, or just around 300 billion NOK. Norway’s wealth fund is a major holder of oil companies such as ExxonMobil, Chevron, BP, Total and Royal Dutch Shell. Oil and gas stocks were a major driver of positive equity returns in previous quarters.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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