LONGUEUIL, Que—Quebec’s Innergex Renewable Energy Inc. is continuing its march into B.C.
The company has announced it has formed a limited partnership with Cayoose Creek Development Corp., which is the economic arm of Cayoose Creek Band, that will jointly acquire the assets of the Walden North Hydroelectric project from FortisBC for $9.2 million.
“We are very pleased to share the news of this acquisition because it not only strengthens our already well-established presence in B.C., but it also represents another great example of a successful partnership with a First Nation, something which is at the heart of our business model,” Innergex CEO, Michel Letellier, said.
Walden hydroelectric is located near Lillooet, B.C. and consists of a run-of-river hydro plant that diverts flow from the Cayoosh Creek through a 250-metre power tunnel and 100-metre penstock. It has been in operation since 1993, and the 16 megawatts of electricity it generates is sold to BC Hydro. Under the partnership agreement, Innergex will own 51 per cent of the project, while Cayoose will own a 49 per cent stake.
The deal is subject to customary conditions and expected to close in the first quarter of 2016.