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Lawson Lundell represents BC Hydro in the $825 million purchase of a 1/3 interest in the 493 megawatt Waneta Dam from Teck Metals Ltd.
On March 5, 2010, British Columbia Hydro and Power Authority closed the $825 million purchase from Teck Metals Ltd. of a 1/3 interest in Teck’s 493 megawatt Waneta Dam in south-eastern British Columbia. This completed a transaction process that started more than 14 months earlier and involved amending an existing coordination agreement among dam owners in the region, and negotiating comprehensive agreements allocating power benefits and establishing ongoing operating arrangements between the Waneta co-owners. Closing of the transaction was subject to consultation with First Nations and a prudency determination by the British Columbia Utilities Commission (BCUC), which followed a lengthy regulatory process.
BC Hydro was represented by a team from Lawson Lundell led by Gordon Craig (commercial/energy) which included, among others, Khaled Abdel-Barr (commercial/energy), Karen MacMillan (commercial), Christine Kowbel (commercial/environmental). For the BCUC and First Nations processes, the Lawson’s team was led by Chris Sanderson (regulatory/energy), assisted by Keith Bergner (First Nations) and Michelle Jones (regulatory/First Nations). Other Lawson Lundell lawyers playing a key role in the transaction included Paul Bradley (secured transactions), Ed Wilson (real estate), Len Glass and Marjorie Brown (tax), and Valerie Mann (competition).