Another suitor has come looking for Barrie Hydro.

Veridian – which serves municipalities from Ajax and Pickering up through Scugog Township and into Muskoka – is looking for a partner.

“We have a growth plan, a vision to be larger and be a more full-service energy company to build better communities,” said Veridian’s president Michael Angemeer, noting the company, which serves a swath of customers up the east side of Lake Simcoe, wants to expand its reach west and up to Georgian Bay.

“It gives us an opportunity to expand further into Georgian Bay. We do have a goal to expand and get larger – that’s how you deliver better returns to the shareholders.”

Based in Durham Region, Veridian employs 160 people and serves 110,000 people in Ajax, Pickering, Clarington, Belleville, Scugog Township and Muskoka. It is the seventh largest electricity distribution company in Ontario. As well as a regular grid, the company maintains a smart grid, which features more-advanced meters, intelligence and increased reliability, which are in demand among some of its biggest industrial customers.

Its history is similar to Barrie Hydro’s; both companies were established in 1999, when municipalities took over their public utilities commissions. In Veridian’s case, the municipal utilities from Ajax, Pickering and Clarington merged; since then, there has been a series of smaller acquisitions and mergers – as has been the case with Barrie Hydro, which purchased utilities in Penetanguishene, Bradford West Gwillimbury, New Tecumseth and Thornton.

Ontario is promoting mergers to create larger utilities and has a tax holiday for municipal utilities.

The tax-break ends Oct. 17 which prompted Barrie Hydro to begin to look at possible partnerships.

The city has been in exclusive talks with York Region-based PowerStream Inc., the product of Vaughan and Markham hydros.

According to the city staff report on the proposed merger, the city as sole shareholder in the proposed PowerStream deal would have 18 to 21 per cent of the new company’s equity and have three of 13 directors on the utility’s board.

By contrast, a deal with Veridian would have Barrie become a more-equal partner, at 40 per cent, with the city having four of 10 directors on its board.

“We’re looking at both the regulated business of providing electricity as well as opportunities in renewable energy and conservation. It’s not just about electricity, but also about partnerships and building a community,” Angemeer added.