Hydroelectric Venture Powers B.C. Energy Plan

ENMAX plans to increase its green power portfolio through the acquisition of a run-of-river hydro electricity generation facility and a business venture to develop more hydro facilities in British Columbia.

The company is acquiring 99 percent of the Furry Creek run-of-river hydroelectric facility, and the Native American Squamish First Nation will maintain a 1 percent ownership. This 11 MW facility is located 40 kilometers north of Vancouver. “British Columbia is uniquely positioned to be a leader in the development of green power which is one of the only ways Canadians are going to meet the requirements of the Kyoto Accord,” Dan Eaton, chairman of Eaton Power, said. The development of independent power projects also supports the B.C. Government’s Energy Plan, which aims to increase private sector investment in the energy sector and ensure low-cost electricity for British Columbians. In addition, ENMAX and Vancouver-based Eaton Power Corporation have announced a business venture to develop more run-of-river hydro electricity generation facilities in B.C. Under the agreement, ENMAX will hold a 65 percent interest and Eaton Power will hold 35 percent interest in a new company, Hydromax Energy. Assets of the partnership include three run-of-river hydro projects in early stages of development. These will be submitted for consideration in BC Hydro’s upcoming call for power. In addition, Hydromax expects to invest more than CAD 300 million (US $242 million) in hydroelectric projects over the next five years. “This business venture is an excellent strategic fit for ENMAX,” said Al Buchignani, ENMAX interim chief executive officer. “Through our investment in wind power, we are already Canada’s largest marketer of environmentally friendly electricity. In this case, we’re broadening the scope of our generation activities by partnering with an organization respected for their hydro development expertise.”
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