Boralex closes financing for 22-MW Jamie Creek hydropower project

Boralex Logo

Boralex has closed financing for the 22-MW Jamie Creek hydroelectric plant, the international power developer and operator has announced.

Located near Gold Bridge, British Columbia, was owned by Sequoia Energy Inc. before Boralex announced its plan to acquire the plant in July 2012.

Financing for the deal will be provided by Canada Life Assurance Company and Great West Life Assurance Company, with TD Securities Inc. acting as advisor.

Boralex said the total amount of financing received is about US$53 million, or 85% of Jamie Creek's estimate costs.

The loan will enjoy a nine-year grace period for repayment of the principal, and will be amortized thereafter over a 31-year period at approximately a 5.42% rate for the full term of the loan.

Boralex said construction of the project is currently under way, with commissioning planned for the first quarter of 2014. The plant will operate under a 40-year power purchase agreement with BC Hydro, which also has rights to a 20-year renewal period.

For more small hydropower news, visit here.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs