BluEarth Renewables Inc. said July 23 that it has closed non-recourse construction and term debt financing for the 15-MW Culliton Creek Hydro Project in British Columbia.
National Bank of Canada acted as the sole lender to the transaction that will provide funding of approximately C$77m.
This is a run-of-river hydroelectric project located on Culliton Creek, about 20 kilometers north of Squamish, B.C. 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.
“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,” said Kent Brown, President and CEO of BluEarth.
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. In addition, an agreement has been signed with the Squamish Nation that provides for benefits to the Nation, including training and job opportunities.
Since inception in 2010, BluEarth said it 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 the Culliton Creek project, BluEarth and its partners have now achieved financial close for six projects in the last twelve months. BluEarth recently commenced construction on the 60-MW Bow Lake Wind Project in Ontario and expects to complete debt financing soon.
Headquartered in Calgary, Canada, BluEarth is a private independent renewable power producer, focused on the acquisition, development, construction and operation of wind, water, and solar projects in North America, with a primary focus in Canada.