Tahltan make largest First Nation clean energy investment in B.C. history

The Northwest B.C. nation is now part owner of a clean energy asset valued at over $2.5 billion

The Tahltan Nation has purchased a five per-cent stake in three run-of-the-river projects in Northwest B.C., marking the largest clean energy investment in B.C. history by a First Nation.

The $124.3 million purchase from Axium Infrastructure Canada and Manulife Financial Corporation is for what’s collectively known as the Northwest British Columbia Hydro Electric Facilities. The asset is valued at over $2.5 billion.

READ MORE: Tahltan reach benefits agreement over Seabridge’s massive KSM gold mine project

President of the Tahltan Central Government, Chad Norman Day says the deal is one of several recent examples of how the nation is using its collective title and rights to foster economic independence.

“A buy-in of a project this size is extremely substantial and puts on us a good path of being self-determining in the future,” he says. “Anytime we better position ourselves to be economically independent, it gives us more leverage with future opportunities that may arise with other industries across the territory.”

The facilities comprise of the Forrest Kerr, McLymont Creek and Volcano Creek run-of-the-river projects with a combined power output of 287 megawatts. All three projects are located in traditional Tahltan territory.

The nation put up $28 million of its own dollars in the purchase with bond financing covering the remaining $124.3 million. Day expects seven-figure returns in the first year, with annual increases for 56 years until the loan is paid off.

READ MORE: Day reelected president of Tahltan Central Government

Originally owned by AltaGas, the facilities have been in operation since 2014 and were underpinned by three separate 60-year, fully-indexed electricity purchase agreements with BC Hydro.

Day expects the lifespan of the project to exceed that time frame.

“The thought had always been once that 60-year project expires into the future the river providing all this power will continue flowing in a good way, and the asset will continue generating money. So we’re hoping that the projects will provide power for 100 years and thereafter.”

The Tahltan Nation originally became equity owners in one of the facilities in late 2014 after purchasing a 2.7 per cent interest.

In June 2018, AltaGas sold 35 per cent of its interest in the facilities, to a joint venture company for $922 million. More than a year later, AltaGas announced the sale of its remaining 55 per cent interest to Axium Infrastructure Canada and Manulife Financial Corporation for $1.39 billion.

The Tahltan Nation is located in Northwest British Columbia and comprises the communities of Iskut, Dease Lake and Telegraph Creek. The Territory spans 95,933 square km of Northwest B.C., or the equivalent of 11 per cent of the province.

twitter.com

Just Posted

Okanagan Similkameen could have a sister city in the south of France

Regional District of Okanagan Similkameen considering agreement with wine region in southern France

Summerland businesses participate in Sip N’ Shop

Downtown event on Dec. 14 will feature local beverages

Noxious odour detected at Summerland Health Centre

Staff felt nauseous following incident on morning of Dec. 5

EDITORIAL: Reflecting on a tragedy, 30 years later

While the Montreal Massacre made headlines because of its scale, gender-based violence is not new

Sicamous Eagles defeat Summerland Steam in overtime decision

Junior B hockey teams faced off in Summerland on Dec. 5

VIDEO: Boys help rescue Cariboo bear cub

The cub, weighing just 24lbs, has been taken to wildlife sanctuary in Northwest B.C. for the winter

Doors open to Vernon’s first refill store

Vernon’s Refill Store may be answer to plastics problem

Okanagan RCMP not toying around when it comes to impaired drivers

Saturday, Dec. 7 is National Impaired Driving Enforcement Day

‘Things haven’t changed enough:’ Ecole Polytechnique anniversary prompts reflection

Fourteen women were fatally shot by a gunman at the Montreal school on Dec. 6, 1989

Bear raids freezer, gorges on Island family’s Christmas baking

Hungry bruin virtually ignored meat and fish, focused, instead, on the sweets

Crown delves into Sagmoen’s history with North Okanagan sex workers

Decision on validity of police search warrant will be made on Monday, Dec. 9

Kelowna man attempts to steal bait bike from RCMP parking lot

38-year-old Brian Richard Harbison is facing several charges

B.C. pharmaceutical company’s stocks double in value after successful lupus drug trial

More than 40 per cent of patients using voclosporin saw improvements in kidney function

UBCO daycare services slated for major improvements

More families will have access to high-quality child care services at UBCO

Most Read