Chatham-Kent Energy Enters Into Agreement With Corix Energy
Tuesday, July 3, 2007
Chatham-Kent — The Municipali ty of Chatham-Kent, Chatham-Kent Energy (CKE) and Corix Energy Inc. (Corix) today announced that the parties have entered into an agreement for Corix to invest in CKE. This investment has been ratified by CKE and approved by the Municipali ty, but is still subject to final closing documents and regulatory approvals.
“We have been looking for a strategic investment partner for over two years to assist CKE in growing its businesses in the Ontario utility market.” said Ray Payne, President and CEO of Chatham-Kent Energy. “This investment provides significant benefits to customers and the communi ty of Chatham-Kent. For the communi ty, it means a new business that brings with it additional investment, jobs, and a general commitment to support the growth of CKE. Customers will also benefit from getting access to Corix’s industry leading expertise, experience and customer service excellence.”
This investment is limited to 10% of voting shares in CKE. Corix also has the opportuni ty to make additional investments as required to help fund expansion projects in southwestern Ontario. The investment does not require the approval of the Ontario Energy Board and will not impact the electricity rates of CKE’s customers.
“As a leading Canadian communi ty utili ty infrastructure provider, Corix sees CKE as a well-positioned partner for utility opportunities in southwestern Ontario,” said John Shaw, Senior Business Advisor, Business Development, from Corix. “It is also consistent with our growing presence in the province, which includes a partnership with Ontario Water Products and our growing sustainable energy businesses.”
The Corix Group of Companies – based in Vancouver, B.C. – specializes in providing infrastructure solutions in the water, wastewater and energy sectors. It has over 1000 employees in 40 locations across North America. Corix is a private company whose primary owners are the BC Investment Management Corporation and CAI Investments, two large and stable members of the Canadian investment communi ty who specialize in public pension funds.
Chatham-Kent Energy is a subsidiary of the Municipali ty of Chatham-Kent. Chatham-Kent Energy was incorporated in 2000 and is a holding company with 3 subsidiaries C-K Hydro, C-K Utili ty Services and Middlesex Power Distribution Corp.
Chatham-Kent Energy employs 85 full time staff and serves a total of 39,000 electrici ty customers, with 32,000 in Chatham-Kent and 7,000 customers in the Township of Strathroy-Caradoc and the Municipali ty of North Middlesex.
For more information, contact:
President and CEO
Public Utilities Commission
(519) 352 6300
Director, Public Affairs
The Corix Group of Companies
(604) 313 4492