Canadian power developer Innergex Renewable Energy Inc. has completed its acquisition of the 7.2-MW Brown Lake and 33-MW Miller Creek hydropower plants.
HydroWorld.com reported in June that Innergex had signed a purchase and sale agreement with former owner Capital Power Corporation, which sold the plants for US$68.6 million.
Innergex says it plans to double the capacity of the Brown Lake project with an investment of about $20 million. Currently, the plant -- which was commissioned in 1996 near Prince Rupert -- operates under a 20-year power purchase agreement with BC Hydro that expires in 2016.
Meanwhile, the company says it plans to spend about $8.5 million to upgrade the penstock and water intake at Miller Creek. Power produced at Miller Creek is also sold to BC Hydro under a 20-year power purchase agreement that expires in 2023, although BC Hydro holds two consecutive five-year renewal options.