Close 

Canada's ecoEnergy program to finance 7.5-MW Fitzsimmons Creek

The Canadian government has agreed to provide incentive payments to the 7.5-MW Fitzsimmons Creek hydroelectric project in British Columbia under Canada's ecoEnergy for Renewable Power Program.

Project developer Innergex Renewable Energy Inc. said July 23, 2009, that it entered an agreement with the government under which the ecoEnergy initiative is to provide incentive payments of C$10 (US$9.20) per megawatt-hour to Fitzsimmons Creek for the project's first 10 years of operation. The incentive is expected to total about C$3.3 million (US$3.04 million).

"With this program, low-impact renewable energy developers such as Innergex can fast track their development, create new jobs, and allow the country to meet reduction targets with respect to greenhouse gas emission at a much faster pace," Innergex President Michel Letellier said.

In June, BC Hydro signed a contract with Innergex to buy power from Fitzsimmons Creek under the British Columbia utility's Standing Offer Program. (HydroWorld 6/26/09)

The run-of-river project is being built on Fitzsimmons Creek between Whistler and Blackcomb mountains in Whistler, B.C. Construction began in July 2008 with a budget of C$33.2 million (US$28.8 million). Innergex expects to achieve commercial operation before the end of 2010.

Innergex owns 66.66 percent of Fitzsimmons Creek, while Ledcor Power Group owns the remainder. Innergex acquired the project as part of a 2008 deal to acquire two-thirds of a joint venture with Ledcor to develop 18 run-of-river hydroelectric projects in British Columbia totaling more than 200 MW.


To access this Article, go to:
http://www.hydroworld.com/content/hydro/en/articles/2009/07/canada-s-ecoenergy.html