The parties signed a long-term Impact Benefit Agreement (IBA) for transmission infrastructure and a substation at Saltery Bay for the CAN$660M (US$660M) scheme. A total of 145km of transmission line is needed for the scheme and partly runs through Sechelt Traditional Territories.
Beyond the 196MW run-of-river scheme – which consists of the 123MW East Toba and 73MW Montrose Creeks projects, and is under construction – the IBA also provides a framework basis to develop further schemes.
Terms of the IBA include: respect for land ownership and rights; annual payment to the Sechelt for the life of the scheme; employment and training opportunities for the Sechelt; business opportunities for the First Nation’s companies;
The Canadian power developer is building the scheme with equity and debt finance support from GE Energy Financial Services via a special purpose vehicle, Toba Montrose General Partnership.
Peter Kiewit & Sons is building the scheme under an engineering, procurement and construction (EPC) fixed price contract valued at CAN$500M (US$500M).
