Calgary’s Enmax seals purchase of Emera Maine
Enmax Corporation, a utility company owned by the City of Calgary, has completed its $1.3 billion purchase of Emera Maine.
This is the company’s first acquisition outside of Canada.
"We are pleased to have completed this acquisition, as it reflects our strategy to grow Enmax's regulated utility business in North America, leveraging our expertise in the provision of safe, reliable, regulated transmission and distribution electricity services," Enmax President and CEO Gianna Manes said in announcing the completed sale on March 24.
"Enmax has made significant, long-term commitments to Emera Maine's employees, customers, and Maine communities, and we look forward to delivering on our commitments and moving forward together."
Through subsidiaries, Enmax generates, sells and distributes energy to nearly 675,000 customers across Alberta. Enmax Power Corporation owns and operates transmission and distribution infrastructure in Calgary, while Enmax Energy Corporation owns diverse generation facilities throughout Alberta. Enmax offers a range of energy solutions, including electricity, gas and renewables.
Emera President and CEO Scott Balfour indicated this transaction adds value to Emera’s overall investment and growth strategy. Emera is reinvesting and continues to identify growth opportunities in strategic investment areas.
Emera Inc. is a diverse energy company headquartered in Halifax, with approximately $32 billion in assets and 2019 revenues of more than $6.1 billion. It invests in electricity generation and transmission, plus gas distribution with a strategic focus on transformation from high carbon to low-carbon energy sources.
Emera Maine will continue to operate as a stand-alone utility headquartered in Bangor and will operate under a new name to be announced in the future. The regulated electricity transmission and distribution utility services more than 159,000 customers.