NB Power has sold its two head office buildings in downtown Fredericton as the utility tries to reduce debt and cut costs.

Toronto-based Forum Asset Management has acquired the buildings at 515 and 527 King Street for $39 million.

It followed a public request for proposals issued in early 2023 which the utility said resulted in multiple bids from across Canada.

“The sale will allow us to make progress towards paying down debt, reducing operating expenses and improving energy efficiency in the building,” spokesperson Dominique Couture said in a statement.

NB Power’s president and CEO said in June that the utility would face “hard decisions” to deal with its $4.9-billion debt while keeping rates as low as possible for customers.

Lori Clark told our newsroom that selling the head office buildings was one of the options being considered to help the utility operate as efficiently and effectively as possible.

NB Power will consolidate all of its offices at 515 King Street, its current headquarters, where it will now lease space.

That building will also undergo major renovations in order to make it more energy-efficient.