One of Canada’s largest banks is pouring approximately $77 million into a hydropower project north of Squamish.
On Friday, Aug. 1, BluEarth Renewables Inc. announced the National Bank of Canada approved funding for a 15-megawatt run-of-river facility on Culliton Creek. Construction on the project in the northern end of Paradise Valley began last month, BluEarth stated in a press release. During the 18-month building period, the project will create employment and investment in the local economy through procurement of supplies and services, company officials stated.
“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,” BluEarth president Kent Brown said.
An agreement was signed with the Squamish Nation. It provides the Nation with benefits, including training and job opportunities, the release noted.
BluEarth has a 30-year energy purchase agreement with BC Hydro for the Culliton Creek project. The company also received a Conditional Water License and Crown Land Tenure from the Ministry of Forests, Lands, and Natural Resources Operations.
