Alterra Power Corp. (TSX: AXY) and the Klahoose First Nation have signed an agreement to add two new run-of-river power plants to two existing ones in Toba Inlet.
The Upper Toba run-of-river hydro power project is an expansion of Alterra’s operations in the Toba Valley and will use an existing transmission line. Alterra already operates two run-of-river power stations on the Upper Toba River. The Toba and Montrose generating stations have a combined generating capacity of 235 MW – enough to power 75,000 homes.
Under a resource development agreement signed with the Klahoose First Nation, two new run-of-river hydro power plants will be built at Jimmie Creek and the Upper Toba River tied into an existing transmission line. They will have a combined capacity of up to 124 MW.
Donald McInnes, Alterra’s executive vice-chairman, told Business in Vancouver that now that it has an agreement with its First Nation partners, Alterra just needs to negotiate a financing agreement with General Electric. The partners already have an environmental assessment certificate and a 40-year power purchase agreement with BC Hydro.
“We would hope to be breaking ground early in the new year and bringing the project online in 2015,” said McInnes.
“This agreement between the Klahoose First Nation and Alterra Power builds upon our Toba Montrose agreement and represents another significant milestone for our Nation,” said Klahoose Chief James Delorme.
“The Klahoose First Nation supports quality green energy development in our traditional territories, achieved with a partner that is respectful of our land, our culture and our people.”
