BluEarth Renewables Inc. announced on July 23rd that it has closed non-recourse construction and term debt financing for the 15 MW Culliton Creek hydropower project in BC, Canada.
National Bank of Canada acted as the sole lender to the transaction that will provide funding of approximately CAD$77 million.
The project is a run-of-river hydroelectric project located on Culliton Creek, approximately 20 kilometres north of Squamish, BC. The project has a 30-year energy purchase agreement with BC Hydro, and has received a conditional water license and crown land tenure from the Ministry of Forests, Lands, and Natural Resource Operations. Once completed, the Project will generate enough renewable power for approximately 5,900 homes.
Kent Brown, President & CEO of BluEarth, stated:
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.
BluEarth began full-scale construction on the 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. In addition, an agreement has been signed with the Squamish Nation that provides for benefits to the Nation.
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 CAD$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.