Tahltan make largest First Nation clean energy investment in B.C. history

The Northwest B.C. nation is now part owner of a clean energy asset valued at over $2.5 billion

The Tahltan Nation has purchased a five per-cent stake in three run-of-the-river projects in Northwest B.C., marking the largest clean energy investment in B.C. history by a First Nation.

The $124.3 million purchase from Axium Infrastructure Canada and Manulife Financial Corporation is for what’s collectively known as the Northwest British Columbia Hydro Electric Facilities. The asset is valued at over $2.5 billion.

READ MORE: Tahltan reach benefits agreement over Seabridge’s massive KSM gold mine project

President of the Tahltan Central Government, Chad Norman Day says the deal is one of several recent examples of how the nation is using its collective title and rights to foster economic independence.

“A buy-in of a project this size is extremely substantial and puts on us a good path of being self-determining in the future,” he says. “Anytime we better position ourselves to be economically independent, it gives us more leverage with future opportunities that may arise with other industries across the territory.”

The facilities comprise of the Forrest Kerr, McLymont Creek and Volcano Creek run-of-the-river projects with a combined power output of 287 megawatts. All three projects are located in traditional Tahltan territory.

The nation put up $28 million of its own dollars in the purchase with bond financing covering the remaining $124.3 million. Day expects seven-figure returns in the first year, with annual increases for 56 years until the loan is paid off.

READ MORE: Day reelected president of Tahltan Central Government

Originally owned by AltaGas, the facilities have been in operation since 2014 and were underpinned by three separate 60-year, fully-indexed electricity purchase agreements with BC Hydro.

Day expects the lifespan of the project to exceed that time frame.

“The thought had always been once that 60-year project expires into the future the river providing all this power will continue flowing in a good way, and the asset will continue generating money. So we’re hoping that the projects will provide power for 100 years and thereafter.”

The Tahltan Nation originally became equity owners in one of the facilities in late 2014 after purchasing a 2.7 per cent interest.

In June 2018, AltaGas sold 35 per cent of its interest in the facilities, to a joint venture company for $922 million. More than a year later, AltaGas announced the sale of its remaining 55 per cent interest to Axium Infrastructure Canada and Manulife Financial Corporation for $1.39 billion.

The Tahltan Nation is located in Northwest British Columbia and comprises the communities of Iskut, Dease Lake and Telegraph Creek. The Territory spans 95,933 square km of Northwest B.C., or the equivalent of 11 per cent of the province.

twitter.com

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Delta playgrounds, basketball hoops, reopening June 1

Skate and bike parks in the city were reopened last week

Emergency funding available for Delta non-profits

Delta Foundation accepting applications for up to $75K through Canada’s Emergency Community Support Fund

Surrey-Langley SkyTrain extension faces potential delays due to COVID-19

Pandemic ‘adversely’ impacting TransLink’s finances; ‘much work’ required to approve next investment plan

Cloverdale businessman funds wells in Cambodia

Revive Washing in Clayton Heights donates three per cent of profits to charity

Cloverdale youth pastor’s sexual-assault sentencing delayed

Samuel Emerson due to return to Surrey Provincial Court in August

Mission prison COVID-19 outbreak ends, 9 new cases in B.C.

New positive test at Port Coquitlam care home

Man who bound, murdered Vancouver Island teen still a risk to public: parole board

Kimberly Proctor’s killer is still ‘mismanaging emotions,’ has had ‘temper tantrums’

VIDEO: Humpback whales put on quite a show

The ‘playful’ pod lingered by a Campbell River tour operator’s boat for quite some time

Getting hitched at historic B.C. gold rush town still on table during COVID-19 pandemic

Micro-weddings, online visits, offered at Barkerville Historic Town and Park

Facing changes together: Your community, your journalists

Importance of accurate, ethical reporting more critical than ever

VIDEO: Police look for suspect seen tripping elderly woman in Burnaby

The elderly woman was walking near the SkyTrain station when she was randomly tripped

Chilliwack teachers, assistants concerned with lack of PPE guidelines ahead of school reopening

As schools get ready to open, many worry measures won’t be enough to protect students from COVID-19

Revelstoke woman finds welcoming letter on her Alberta-registered truck

There have been multiple reports online of vandalism to vehicles with Alberta licence plates

Spirit bear possibly spotted in West Kootenay

A local resident spotted the white-coloured bear while on an evening trail run near Castlegar on May 27

Most Read