City To Secure $24 Million Loan For New Power Utility

Barrie has helped pony up about twenty four mil, to complete an agreement a year in the making. At city hall Monday night, council voted to approve a move involving city staff securing a loan guarantee of up to $24 million on behalf of Barrie Hydro Holdings, to help form a new power utility. Back in October of last year, everyone involved agreed to merge Barrie’s Powerstream with utilities Enersource and Horizon, and buy up Hydro One Brampton, to form a new utility, so far known as MergeCo. Now that all the paperwork is done and signed, the bill on Hydro One Brampton is due. The city will use its credit rating to help secure the loan the money to buy its share, on a ten year term, with the understanding the loan will be repaid through profits from MergeCo.