Client Work Detail

On December 9, 2009, the Production division of Hydro-Québec ("HQ"), one of the biggest electric utilities in North America, acquired a 60% interest in the McCormick Hydroelectric Facility located on the Manicouagan River in Quebec and owned by the Manicouagan Power Company ("MPCo") from Abitibi-Consolidated Company of Canada, a subsidiary of AbitibiBowater Inc. ("Abitibi"). 

This acquisition was completed via a series of transactions including:

(i) the acquisition by Abitibi of Alcoa Canada Ltd.'s interest in MPCo;

(ii) the winding-up of MPCo into Abitibi and the subsequent transfer by Abitibi to a limited partnership formed under the laws of the Province of Québec ("Manicouagan Power Company Limited Partnership") of the assets of MPCo, including the McCormick Hydroelectric Facility;

(iii) the sale by Abitibi to HQ Manicouagan Inc., a wholly-owned subsidiary of HQ, of a 59.9994% interest in Manicouagan Power Company Limited Partnership and of its rights, title and interest in the Abitibi/MPCo Power Purchase Agreements and the sale by Abitibi to HQ Manicouagan Inc. of a 60% interest in the general partner of Manicouagan Power Company Limited Partnership (the "GP") for gross proceeds of $615 million; and

(iv) through a series of transactions, the transfer by Abitibi to Alcoa of a 39.9996% interest in Manicouagan Power Company Limited Partnership and the transfer by Abitibi to Alcoa of a 40% interest in the GP, the whole in replacement of Alcoa's interest in MPCo.

HQ was represented by Ogilvy Renault LLP with a team led by Gino Martel and including Niko Veilleux and Paul Beaudry (Corporate/M&A); Jules Charette (Tax); Miguel Manzano (Real Estate), Jean Piette and Anne-Frédérique Bourret (Environmental Law, Regulatory); Martin Rochette (Pension and Benefit Plans), Michel Carle and Pierre Pronovost (Labour); Christian Roy (Insolvency/Restructuring); and Denis Gascon and Thierry Dorval (Competition Law).