YELLOWKNIFE, NT,
June 27,
2022 /CNW/ - Denendeh Investments Incorporated (DII)
and ATCO Ltd. are formally recognizing their equal 50/50 ownership
of Northland Utilities. Long-standing partners for the past
35 years, the two companies recently completed an agreement to
increase DII's ownership stake in Northland Utilities from 14 to 50
per cent. Today representatives from both partners are together in
Yellowknife to celebrate the
enhanced partnership and the desire to share in the economic
benefits and developments in the communities we serve.
"Indigenous participation in the energy sector is part of the
solutions needed in the Northwest
Territories. Our increased equity position in Northland
Utilities is just one example, there are many others in the north
where Indigenous communities are investing in their own energy
infrastructure," said Darrell
Beaulieu, CEO of DII. "ATCO is an industry leader with
extensive power development expertise and is implementing capacity
for Indigenous business interests. Northland Utilities has
been a shining example of how we can grow with a true business
partnership."
"The journey towards Reconciliation starts with a single step
forward. We began our journey with DII decades ago, and our
partnership has stood the test of time," said Nancy Southern, Chair & Chief Executive
Officer, ATCO. "This agreement has been years in the making, and I
am incredibly honored to welcome DII as an equal shareholder in
Northland Utilities, and hope that in leading by example, we will
inspire a new standard for governments and industry that supports
economic reconciliation, inclusive opportunity, and truly equitable
partnerships for Indigenous communities."
DII first partnered with ATCO in 1987, acquiring a 14 per cent
ownership stake in the company over time. This was ATCO's first
partnership with an Indigenous organization, setting the standard
for ATCO moving forward. Since that time, building and sustaining
relationships with Indigenous partners has become a
hallmark of ATCO's business.
Currently, ATCO has more than 50 joint-venture partnerships,
memorandums of understanding and other partnerships with Indigenous
communities that generate millions of dollars annually for these
communities. ATCO continues to advance new, collaborative models
for partnerships with Indigenous Peoples around the world, in the
spirit of Canada's Truth and
Reconciliation Commission's Calls to Action and the United Nations
Declaration on the Rights of Indigenous Peoples.
DII represents 27 Dene First Nations who make up more than 50
per cent of the population in the Northwest Territories. DII
was established to create long-term economic
self-sufficiency for the Dene by investing in profitable
business ventures.
Northland Utilities is a full-service electrical company that
provides retail, distribution, transmission, and generation
services to more than 11,000 customers in nine communities in the
Northwest Territories. Northland
Utilities offers a number of programs to build capacity with
Indigenous Peoples, such as job shadowing, apprenticeship training
and engineering roles. Northland Utilities is equally owned by ATCO
Ltd., through its investment in Canadian Utilities Limited, and
Denendeh Investments Inc.
Media Contact:
Erin MacDonald
Senior Marketing & Communications Advisor, Northland
Utilities
erin.macdonald@atco.com
867-687-3517
SOURCE ATCO Ltd.