Columbia Power Corporation and Columbia Basin Trust entered into definitive agreement to acquire 51% stake in Waneta Expansion Hydroelectric Project in British Columbia from Fortis Inc. (TSX:FTS) for approximately CAD 1 billion on January 28, 2019. FortisBC will continue to operate the Waneta Expansion facility and purchase its surplus capacity. The transaction is subject to the satisfaction of customary closing conditions for a transaction of this nature and the receipt of routine approvals. Fortis expects the transaction to close within 90 days. The proceeds from sale of interest in Waneta project will help finance the substantial growth occurring in our regulated utility business, including growth in British Columbia. RBC Capital Markets Inc. acted as financial advisor to Fortis Inc. TD Securities Inc. acted as financial advisor to Columbia Basin Trust and Columbia Power Corporation. Richard Fridman, Jennifer Prieto and Chris Anderson of Davies Ward Phillips & Vineberg LLP acted as legal advisor to Fortis Inc.