Innergex and Cayoose Creek Band renew electricity purchase agreement for Walden North for 40 years
LONGUEUIL, Quebec, April 16, 2018 – Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) and Sekw’el’was Cayoose Creek Band (“Sekw’el’was”) are pleased to announce that they have reached an agreement with BC Hydro for the renewal of the Walden North hydro facility’s electricity purchase agreement (“EPA”). The renewed EPA is effective as of April 1, 2018 and has a 40-year term. The EPA is subject to approval by the British Columbia Utilities Commission.
The Walden North hydroelectric facility was acquired in February 2016 by Cayoose Creek Power L.P., a partnership formed by Cayoose Creek Development Corp. (“CCDC”) (49%) and Innergex (51%). CCDC is the business arm of Sekw’el’was Cayoose Creek Band. Walden North is a 16 MW run-of-river hydro facility in operation since 1993 and produces approximately 35,000 MWh per year. The Walden North facility is operated by Innergex and located near Lillooet in British Columbia, in close proximity to several of Innergex’s hydroelectric facilities.
“We are pleased with the 40-year electricity purchase agreement signed with BC Hydro for the Walden North hydro facility,” said Michel Letellier, President and Chief Executive Officer of Innergex. “This facility is the perfect example that, in addition to producing emission-free electricity, the renewable energy sector can provide excellent opportunities for economic empowerment for First Nations. Innergex strives to be a partner of choice for communities and we are proud to be partner with Sekw’el’was in this project that will bring wealth to this community for at least the next 40 years.”
“The acquisition of the Walden North hydroelectric facility is an important part of the Sekw’el’was economic vision,” said Chief Michelle Edwards, Chief of Sekw’el’was Cayoose Creek Band. “The renewal of the electricity purchase agreement with BC Hydro is a milestone towards realizing the benefits from this facility and from our partnership.”
About Innergex Renewable Energy Inc.
The Corporation develops, acquires, owns and operates run-of-river hydroelectric facilities, wind farms, solar photovoltaic farms and geothermal power generation plants. As a global player in the renewable energy sector, Innergex conducts operations in Canada, the United States, France and Iceland. Innergex manages a large portfolio of assets currently consisting of interests in 64 operating facilities with an aggregate net installed capacity of 1,604 MW (gross 2,886 MW), including 34 hydroelectric facilities, 25 wind farms, three solar farms and two geothermal facilities. It also includes interests in one project under construction with a net installed capacity of 5 MW (gross 10 MW) and prospective projects at different stages of development with an aggregate net capacity totalling 8,530 MW (gross 9,200 MW). Innergex Renewable Energy Inc. is rated BBB- by S&P. The Corporation’s strategy for
building shareholder value is to develop or acquire high-quality facilities that generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend.
About Cayoose Creek Development Corp.
Cayoose Creek Development Corp. is the economic arm of Cayoose Creek Band, responsible for the oversight and development of its revenue generating assets, acquisitions and creation of business opportunities for the community.
About the Cayoose Creek Band
Cayoose Creek Band or Sekw’el’was is nestled in the middle of the Fraser Canyon, just south of Lillooet, BC on Highway 99. Sekw’el’was is known as a gathering place for many neighboring nations. The community of almost 200 has survived and thrived through many hardships. Community members are proud of their roots and the community has a rich history of tool making and trading with other nations. Sekw’el’was is a member of St’at’imc and the Lillooet Tribal Council.
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