Teck completes sale of Waneta Dam to BC Hydro

On July 26, 2018, Teck Resources Ltd. (Teck) completed the sale of its remaining two-thirds interest in the Waneta Hydroelectric Generating Facility to BC Hydro (BC Hydro) for $1.2B. Waneta is a 496MW hydroelectric dam located near Trail, British Columbia. As part of the sale, Teck Metals Ltd. (Teck Metals) holds a 20-year lease to use the two-thirds interest in Waneta to produce power for its industrial operations in Trail. Teck Metals has an option to extend the lease for a further 10 years. 

The transaction was determined to be in the public interest and was approved by the BC Utilities Commission on July 18, 2018. 

Teck was represented in-house by Peter Rozee (Senior VP, Commercial and Legal Affairs), Nick Uzelac (Corporate Counsel) and Doug Powrie (tax), and was assisted by a team from Fasken Martineau DuMoulin LLP led by Ron Ezekiel, and comprised of Kai Alderson, Steven Catania and Sarah Martin (M&A/energy), Chris Sharpe (real property), Don Dalik (competition), Brent Lewis (financing), David Both (regulatory) and Michael Coburn and Hardeep Gill (tax). Pamela Anderson (energy), Michael Carr (corporate) and Jeff Wyszynski (real property) of Perkins Coie LLP also assisted with respect to certain US legal matters. 

BC Hydro was represented in-house by Vicki Antoniades (Project Manager, Power Acquisitions and Contract Management), and was assisted by a team from Lawson Lundell LLP led by Lana Shipley, and comprised of Gordon Craig, Jeff Scobie and Jada Tellier (M&A/energy), Christine Kowbel (environmental), Ed Wilson (real property), Valerie Mann (competition), Jeff Christian and Clara Ferguson (regulatory), Keith Bergner (Aboriginal), and Mandeep Dhaliwal and Brenda Lightbody (financing). Deanna King of Bracewell LLP also assisted with respect to certain US legal matters.