Innergex Renewable Energy has started commercial operation of its 25th hydroelectric facility: the 17.5MW Northwest Stave River run-of-river project located in British Columbia, Canada.
Innergex said the project, which began construction in 2011 was completed 'on time and on budget' in December 2013.
The Northwest Stave River project was funded principally by a $75 million loan agreed in May 2013, which Inergex said would cover approximately 80% of the total project costs.
In its first full year of operation the Northwest Stave River hydro project is expected to generate revenues of $7 million. All of the electricity it produces - estimated at an average of 63,300MWh per year - is covered by a 40-year fixed-price power purchase agreement with BC Hydro.
Commercial operation of the Northwest Stave River project follows the start-up of the 49.9 MW run-of-river Kwoiek Creek hydroelectric facility, also in British Columbia. Innergex holds a 50% stake in Kwoiek Creek and is responsible for the managing the construction and the operation of the facility. The Kanaka Bar Indian Band holds the remaining 50% interest.
