Wataynikaneyap Power Project Funding Announced - Fortis Updates Five-Year Capital Investment Plan - Seite 2

Wataynikaneyap Power will develop, own, and operate approximately 1,800 km of 230 kilovolt ("kV"), 115 kV, and 44 kV power lines in Northwestern Ontario in order to connect remote First Nations communities to the provincial electricity grid. In addition to providing participating First Nations communities ownership in the transmission line, the project provides socio-economic benefits, reduces environmental risk and lessens greenhouse gas emissions associated with diesel-fired generation currently used in remote locations.

"This project will redefine the relationships and the landscape of how business must be conducted with the First Nations through creating a sustainable First Nation equity position overall," said Margaret Kenequanash, Chief Executive Officer, Wataynikaneyap Power. "This provides the foundation for the communities to participate meaningfully in the economic prosperity of this country. Now we need to get the line that brings light into the communities. These are exciting times!"

The initial phase of the project from Red Lake to Pikangikum is fully funded by the Canadian government and is expected to be complete by the end of 2018. The next two phases are subject to receipt of all necessary regulatory approvals, including the leave-to-construct approvals from the OEB, anticipated by early 2019. These phases are targeted to be completed by the end of 2020 and 2023, respectively.

The Corporation's consolidated capital investment plan consists mostly of a diversified mix of highly executable, low-risk projects. Fortis is focused on executing the five-year capital expenditure program and securing further organic growth opportunities at its subsidiaries, which may be funded through debt raised at the utilities, cash from operations, common equity contributions from the dividend reinvestment plan and the recently announced at-the-market common equity program. Fortis expects the long-term sustainable growth in rate base to support continuing growth in earnings and dividends.

About Wataynikaneyap Power

Wataynikaneyap Power is a licensed transmission company, regulated by the Ontario Energy Board, equally owned by 22 First Nations communities (51%), in partnership with Fortis (49%). For further information visit www.wataypower.ca.

About Fortis

Fortis is a leader in the North American regulated electric and gas utility industry with 2017 revenue of $8.3 billion and total assets of approximately $48 billion. The Corporation's 8,500 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.