Pristine Power buys a larger share in Kleana project

Pristine Power Inc. said it has signed a deal to increase its stake in the Kleana Hydropower Project on the Klinaklini River in British Columbia.

The deal to increase the company’s share from 10 percent to 47 percent includes fractional interests in several other hydropower projects under development, including the 300-MW Machmell River project, Pristine said.

The 600-MW Kleana project would operate at 50 percent capacity and would include the construction of a 112-mile high-voltage transmission line that would tie into the Campbell River substation on Vancouver Island, the company said.

Pristine Power said it made a nominal payment for the additional 37-percent stake. Future payments will be based on project milestones, including the signing of a power purchase agreement, said Jeffry Myers, president and chief executive officer of Pristine Power.

“Our increased investment in the Kleana project underscores our fundamental belief in the quality of the Klinaklini River hydro resource,” Myers said. “The economies of scale, location, minimal environmental footprint, and local participation make this project one of the most compelling run-of-river projects in North America.”

What’s more, the acquisition would double Pristine’s total generation, increasing it by 282 MW, Myers said.

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