National Bank of Canada is the only lender for the non-recourse construction and term debt financing for the run-of-river hydroelectric project located on Culliton Creek, approximately 20km north of Squamish, BC.
The project has received conditional water license and crown land tenure from the ministry of forests, lands, and natural resource operations.
The project, which has a 30-year power purchase agreement with BC Hydro, is expected to generate enough renewable power for approximately 5,900 homes.
BluEarthpresident & CEOKent Brown said: "British Columbia is an important market for us and BluEarth is very pleased to be expanding our interests in this province with this exciting renewable energy project."
Full-scale construction on the project started in July 2014 and the project would create employment and investment in the local economy through procurement of supplies and services during the 18-month construction period.
An agreement has also been signed with the Squamish Nation that provides training and job opportunities for the nation.
