Archived - Government of Canada and ‘Namgis First Nation Announce Run-of-the-River Hydroelectric Development
September 23, 2014 – Port McNeill, British Columbia – Department of Finance
Minister of Finance Joe Oliver today announced the Government of Canada’s support for the Kokish River Hydroelectric Project, through a P3 Canada Fund preferential loan of up to $12.94 million.
This low-interest loan is the first of its kind in Canada and will help the ‘Namgis First Nation to build equity in the 45 megawatt run-of-the-river hydroelectric development located within ‘Namgis core territory. The infrastructure is producing electricity for sale to BC Hydro under a 40-year Electricity Purchase Agreement. A portion of the revenue generated each year will be directed into a ‘Namgis Community Benefit Fund.
- This is the first P3 Canada Fund project with a First Nation.
- The project is owned and managed by Kwagis Power LP, a limited partnership of the ‘Namgis First Nation and Brookfield Renewable Energy Partners, with Brookfield responsible for design, construction, financing, operations and maintenance, and ‘Namgis a partner in decision making and monitoring.
- By entering into this long-term partnership agreement, the First Nation has secured an active role and participation in a sustainable energy project in its ancestral lands, without undue risk to ‘Namgis. The First Nation has the ability to monitor and evaluate the private partner’s performance.
- The $1.2-billion P3 Canada Fund is managed by PPP Canada, a Crown corporation responsible for advancing Canadian public-private partnerships (P3s) through the provision of expert advice and support to all levels of government.
Nicholas Bergamini
Press Secretary
Office of the Minister of Finance
613-369-5696
Jack Aubry
Media Relations
Department of Finance
613-369-4000
Jo Mrozewski
Communications
‘Namgis First Nation
250-974-3599
PPP Canada Media Inquiries:
media@p3canada.ca or
613-947-9480 / 1-877-947-9480
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