Ontario Power Generation Inc. (OPG) entered into an agreement of purchase and sale on March 8, 2002 to sell four hydroelectric stations on the Mississagi River in northeastern Ontario to Brascan Corporation for $340 million. OPG is required to “decontrol” 4000 megawatts of price-setting generation through sales, leases, etc., in the 42 months following market opening, scheduled to occur May 1, 2002. The sale of the river generating stations will satisfy approximately 500 megawatts of this requirement.
McCarthy Tétrault LLP acted for Brascan, with a team that included David Lever and Andrew Armstrong (business), Abraham Costin (real estate), Tallat Hussain (regulatory), Robb MacPherson (labour) and Lorraine Allard (pensions). The OPG team was led in-house by Kath Hammond, assistant general counsel, with the assistance of Tim English, Greg Scallen and Cara Clairman. Torys LLP acted as external counsel to OPG, with a team that included Phil Symmonds, Krista Hill, David Nowak, Ryan Barry and Don Roger (real estate), John Unger (tax) and Len Griffiths (environmental).