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Toronto, Ontario-based Tonbridge Power Inc. has entered into a letter agreement with the Western Area Power Administration (WAPA), a power marketing administration of the Department of Energy.

Pursuant to the letter agreement, negotiations are under way with Montana Alberta Tie Ltd., (MATL), for up to $161 million in senior debt, an amount sufficient to complete the construction of the MATL project. In addition, MATL has entered into negotiations with WAPA regarding certain partnership considerations with respect to the MATL project.

Tonbridge is controlling shareholder of MATL, which is developing a 300 MW, 230 kV transmission line to interconnect the electricity markets of Alberta and the U.S.

SOURCE: Tonbridge Power Inc.

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