Hamilton Utilities Corporation (HUC) is expanding its district energy services through its downtown core area of the city with the purchase of the City's District Cooling Energy Assets in Ontario, Canada.
Wholly-owned subsidiary HCE Energy Inc. currently provides only heating services to the area and by combining heating with cooling it can achieve superior economies of scale, the company says in a statement.
HCE Energy Inc is actively expanding its district energy network to serve as many buildings as possible throughout downtown Hamilton.
The transaction is expected to close by the end of 2014.
‘This acquisition is fully aligned with our strategy to deliver a wide range of district energy solutions throughout the City of Hamilton. HCE Energy Inc will now provide centralized cooling and heating to Hamilton Place, Hamilton Convention Centre, the Art Gallery of Hamilton, City Hall and a number of other landmark downtown locations,’ said Dennis Jewitt, president & CEO of HUC.
He added: ‘This is great news for everyone involved because it creates one face for district energy and achieves economies of scale that will lower the costs for future customers’.