Power – Land
Canadian Utilities Ltd. (“CUL”), ATCO Power 2010 (“ATCO Power”), Barlow Solar Park Ltd. (“Barlow”) and Deerfoot Solar Park Ltd. (“Deerfoot”), collectively, (the “applicants”) filed for approval to amalgamate ATCO Power, Barlow and Deerfoot.
The AUC approved the application to amalgamate ATCO Power, Barlow and Deerfoot.
Alberta Business Corporations Act, RSA 200, c B-9.
Gas Utilities Act, RSA 2000, c G-5 – ss 26 and 27.
Public Utilities Act, RSA 2000, c P-45 – ss 101, 102 and 109.
ATCO Power will amalgamate with each of Barlow and Deerfoot through a short-form vertical amalgamation. After that, it shall continue as ATCO Power (described in ATCO Power 2010 Amalco). ATCO Power 2010 Amalco will be a direct, wholly-owned subsidiary of CUL.
The AUC noted that the amalgamation involves the vertical amalgamation of three existing non-regulated entities. The AUC also noted that it would not result in any financial harm to the customers. As a result, the AUC found that the no-harm test requirement for amalgamation has been satisfied.