A $19M deal is in the works for Innisfil's hydro distribution company, InnPower that could see half of the town owned shares sold to the City of Edmonton's utility company.
Last January, EPCOR expressed interest in acquiring shares in InnPower.
"We really need an injection of cash into the company, so this is a great way to bring on an equity partner," said Jason Reyner, Innisfil's CAO.
The area is growing quickly and InnPower needs financial help to keep up.
"The transformer station that we might need to put into south Barrie which is part of InnPower's jurisdiction is $100M alone," said Reyner.
If council approves the deal, services to residents would remain the same and it could save taxpayers money over the next five years.
"What council has to consider is the future of the Town of Innisfil, do we want to stand alone and this is a way we can stand alone and be a very vibrant community," said Gord Wauchope, Mayor of Innisfil.
EPCOR could also be involved in other development projects.
"We'll certainly have a presence in Innisfil, so there will be some employment there and we hope this will be a place for us to grow our Ontario business," said Tim le Richie, EPCOR spokesperson.
With such a big deal on the table, community members want every angle covered.
“We’d like the residents of Innisfil to get the best deal,” said Ross Pityk with the Innisfil District Association. “The sale of InnPower to EPCOR ultimately will pave the way for who is servicing the 400 lands and we’d like council to look at all options.”
Terms of the contract are still being negotiated and it will still have to be approved by council, which is expected to be debated at the Feb 13th meeting.
