Emera (TSE:EMA) has released an update.
Emera Inc. has announced the sale of its minority stake in the Labrador Island Link (LIL) for $1.19 billion CAD to global investment firm KKR, with the proceeds aimed at reducing corporate debt and funding investments in regulated utility businesses. The deal, which includes KKR taking over Emera’s obligation to fund the remaining capital investment, is part of Emera’s strategy to strengthen its financial position and continue its growth. Despite the sale, Emera will maintain involvement in the LIL partnership and its commitment to the clean energy project remains unchanged.
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