Canadian Hydro Developers and partner Brascan Power has signed a 20-year contract for the sale of all power to be generated from their joint venture 30MW Pingston hydroelectric plant, currently under construction in southeastern British Columbia, to BC Hydro.
Expected to be operational by mid-December 2002, the Pingston project is a run-of-river scheme, which consists of a significant intake structure, 4km tunnel, 2km penstock, powerhouse and transmission interconnection. Total capital cost for the plant is estimated to be US$52M.
‘The contracting of Pingston’s power to BC Hydro prior to completion is confirmation of the strength of this marquis asset and its ability to produce long-term, sustainable cash flow from clean, renewable power for decades to come,’ said John Keating, chief executive officer of Canadian Hydro.
Canadian Hydro and Brascan Power are currently seeking regulatory approval to expand the plant’s capacity by an additional 15 MW or 50% after it becomes operational later this year. The power from the Pingston Expansion will be sold to BC Hydro under the existing 20-year contract on the condition that it becomes operational within the next five years.