Denendeh Investments takes half ownership of Northland Utilities

Denendeh Investments Corporation is significantly upping its stake in the company that buys power from the Northwest Territories Power Corporation and redistributes it to Yellowknife and eight other N.W.T. communities.

The Dene-owned corporation announced the signing ofan agreement Wednesday with logistics and energy juggernautATCO. The deal will more thantriple Denendeh's stake in the companyto 50 per cent from 14 per cent. ATCO will own the other half of the company.

"I think it is excellent for the aboriginal people of the North," said Darrell Beaulieu, president of Denendeh. "It'sexpanding our participation in the northern economy."

ATCO President and CEO Nancy Southernsays the equalization scheme has been in the works for years.

Denendeh will purchase the additional 36 per cent stake from ATCO with a mix of cash and new debt. The exact amount was not disclosed.

Northlanddistributes power to Yellowknife, NDilo, Hay River, theKatlodeechereserve near Hay River, Trout Lake, Kakisa,Fort Providence,Wekweeti and Enterprise.