Synex International Inc. said June 28 that Canadian Western Bank has agreed to lend up to C$3.5 million (US$3.3 million) for construction of the 2.8-MW Cypress Creek hydroelectric project on British Columbia’s Vancouver Island.
Synex currently is building the C$7.2 million (US$6.8 million) project with a scheduled completion date in November. Synex, of Vancouver, recently closed a private placement of C$2.3 million (US$2.17 million) that will provide funds for Cypress Creek and future hydroelectric opportunities.
Synex said it plans to submit the project in response to BC Hydro’s upcoming request for independent power, expected in the fourth quarter of 2007.
In 2006, Synex sold four U.S. hydro plants in Michigan for US$4.85 million, with some of those proceeds to advance construction Cypress Creek. (HNN 5/30/06)