Brookfield sells Saeta renewable power business to Masdar for US$1.4B

MONTREAL – The Caisse de dépôt et placement du Québec has signed a deal with Brookfield Asset Management and its institutional partners to buy their 25 per cent stake in British power company First Hydro Co.

Financial terms of the deal by the Quebec investment manager were not immediately available.

First Hydro is responsible for the management and operation of two power plants in Wales.

Emmanuel Jaclot, CDPQ’s executive vice-president and head of infrastructure, says the investment marks the fund’s first foray into pumped hydro storage.

French utility Engie is the majority shareholder in First Hydro with the remaining 75 per cent stake.

The deal is expected to close by the end of 2024.

This report by The Canadian Press was first published Sept. 24, 2024.

Companies in this story: (TSX:BAM)

Note to readers: This is a corrected story. The headline in an earlier version incorrectly stated the country where First Hydro is located.

The Canadian Press. All rights reserved.

Amazon.com Inc. says some customers in Canada can now start getting their packages delivered to their garage.

The e-commerce giant says the garage drop-offs are now available to Canadians who are enrolled in its Prime service and have a compatible myQ Smart Garage.

Access to the service spans 1,700 cities, towns and neighbourhoods in Canada including in Toronto, Vancouver, Montreal, Calgary, Winnipeg, Halifax and Ottawa.

Amazon is positioning the Canadian launch as a way to offer shoppers convenience and help protect packages from weather damage and theft.

The company says the service is particularly useful for people receiving costly or fragile goods.

While Amazon will waive fees for customers who choose their delivery date in advance, others will be charged $1.99 per garage drop-off.

This report by The Canadian Press was first published Sept. 23, 2024.

The Canadian Press. All rights reserved.

VANCOUVER – Cosmetics brand Lush says it is laying off staff as it scales down operations at its Vancouver facilities.

Amanda Caruso, a spokesperson for the U.K.-based brand, cited privacy concerns while refusing to say how many workers will lose their jobs as part of cuts to the company’s Canadian footprint.

However, she confirmed the scale-down will mean closing a B.C. woodshop the brand ran, and manufacturing operations in Vancouver will be shifted to Toronto.

Caruso says the moves are meant to deliver operational efficiency and ensure the long-term success of the brand.

She says the changes won’t cause any immediate impacts to Lush shops, its online store or its app services and says some staff will be relocated or transitioned to new roles.

She adds the changes are expected to be complete by Feb. 26.

This report by The Canadian Press was first published Sept. 23, 2024.

The Canadian Press. All rights reserved.