Run of River Power Inc., together with its wholly-owned subsidiary Sea to Sky Power Corporation, and Concord Green Energy are pleased to announce that the 25 megawatt (“MW”) Skookum Power Project (the “Project”) has received a Conditional Water License and a License of Occupation from the BC Ministry of Forests, Lands and Natural Resource Operations.
The $92 million Project is located on Skookum Creek approximately 10 kilometres east of Squamish, BC. Once completed, the Project will generate enough power to provide electricity for up to 8,400 homes and will offset as much as 70,000 tonnes of carbon dioxide annually by reducing BC’s dependency upon imports of greenhouse gas emitting power production.
During the two year construction period the Project will generate jobs and provide a significant boost to the local economy. An Impact and Benefits Agreement has been signed with the Squamish First Nation which will provide for revenue sharing and job opportunities.
Run of River Power President and CEO Rick Hopp remarked, “The award of a Conditional Water Licence and Land Act Tenure for the Skookum Power Project marks a major milestone for ROR in British Columbia. This Project has been under development since 2007 and the culmination of these approvals and authorizations means we can now move forward. The Project, expected to be in production in early 2014, will provide considerable value for ROR shareholders and significant economic benefits to the region”.
Run of River Power would like to thank Concord Green Energy, the Squamish and Tsleil-Waututh First Nations, together with the District of Squamish, the Squamish Lillooet Regional District and our community partners for their continued support for this Project. The Company looks forward to working with them on this and future projects with the objective to generate sustainable power and long term economic growth.”