Canadian energy developer BluEarth Renewables Inc. has closed US$70.5 million in non-recourse construction and term debt financing with National Bank of Canada for its 15-MW Culliton Creek hydropower project.
Located on Culliton Creek north of Squamish, British Columbia, the run-of-river hydroelectric plant will operate under a 30-year power purchase agreement with BC Hydro after having received a Conditional Water License and Crown Land Tenure from the Ministry of Forests, Lands and Natural Resource Operations.
“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,” company president and CEO Kent Brown said.
Full-scale construction on the project began earlier this month, BluEarth said, and is expected to take 18 months.
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