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Fortis Inc. acquires remaining 5 per cent interest in Belize Electric Company Limited The following text excludes some non-indexable words. For the full text, please register. Fortis Inc. announced today has acquired remaining 5 per cent interest Belize Electric Company Limited ("BECOL") Social Security Board Government Belize BZ$7.0 million (US$3.5 million), making wholly owned, indirect subsidiary corporation. January 2001, Fortis purchased Duke Energy Group, Inc.'s 95 per cent interest BECOL an aggregate purchase price US$62 million.BECOL owns operates 25-megawatt Mollejon hydroelectric facility, located on Macal River, only commercial hydroelectric facility Belize. company sells its entire output Belize Electricity, primary distributor electricity Belize, under 50-year power purchase agreement. Fortis holds 68 per cent interest Belize Electricity. In May 2003, BECOL began construction on Chalillo hydroelectric project, an upstream water storage hydroelectric generating facility which will increase average annual energy production Macal River 170 gigawatt hours ("GWh") 80 GWh. US$30 million development scheduled completion mid-2005. Fortis Inc. diversified, international electric utility holding company with assets exceeding $2.2 billion annual revenues approximately $843 million. Corporation has investments 5 companies which operate regulated electric distribution utilities Newfoundland, Prince Edward Island, Ontario, Belize Grand Cayman. has 3 subsidiaries engaged solely electricity generation Newfoundland, New York State Belize. Through its wholly owned, non-utility subsidiary, Fortis Inc. has investments real estate hotel operations. Fortis Inc. ("Fortis" "Corporation") may include forward-looking statements release. By their very nature, forward-looking statements are based on underlying assumptions are subject inherent risks uncertainties surrounding future expectations generally. Such events include, but are not limited to, general economic, market business conditions, regulatory developments, weather competition. Fortis cautions readers should certain events uncertainties materialize, should underlying assumptions prove incorrect, actual results may vary significantly those expected. For additional information with respect certain these risks factors, reference should made Corporation's continuous disclosure materials filed time time with Canadian Securities Regulatory Authorities. Corporation disclaims any intention obligation update revise any forward-looking statements, whether result new information, future events otherwise.
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