The National Bank of Canada has provided funding of approximately $77 million for the 15MW Culliton Creek hydropower project in British Columbia, BluEarth Renewables Inc has announced.
BluEarth began full-scale construction on the run-of-river project in July 2014. During the 18-month construction period, the project will create employment and investment in the local economy through procurement of supplies and services, said BluEarth. In addition, an agreement has been signed with the Squamish Nation that provides for benefits to the Nation, including training and job opportunities.
“British Columbia is an important market for us and BluEarth is very pleased to be expanding our interests in this province with this exciting renewable energy project," said Kent Brown, President & CEO of BluEarth.
Since inception in 2010, BluEarth has developed and acquired a balanced portfolio of contracted wind, hydro and solar assets across Canada that will all be operational by year-end 2015. With the financial close of this Project, BluEarth and its partners have now achieved financial close for six projects in the last twelve months, totaling approximately $350 million in committed financing. BluEarth also recently commenced construction on the 60 MW Bow Lake Wind Project in Ontario and expects to complete debt financing soon.
Culliton Creek has a 30-year Energy Purchase Agreement with BC Hydro, and received a Conditional Water License and Crown Land Tenure from the Ministry of Forests, Lands, and Natural Resource Operations.
