Innergex Renewable Energy Inc. has begun commercial operation of its largest-ever hydro facility – the 81.4 MW Upper Lillooet River run-of-river project in British Columbia, Canada.
The facility – which is owned 66.7% by Innergex and 33.3% by Ledcor Power Group Ltd – was completed and commissioned in March 2017 after a three and a half year construction period.
The facility is part of the Upper Lillooet River Hydro project which also includes the 25.3MW Boulder Creek run-of-river project. On March 17, 2015, Innergex announced the closing of $491.6 million non-recourse construction and term project financing for both these projects, which has received the Clean Energy BC’s Finance Award for 2015 and the 2016 Hydro Power Deal of the Year from the World Finance Magazine. Commercial operation date for the Boulder Creek hydroelectric facility is expected in the second quarter of 2017.
The Upper Lillooet River facility’s average annual production is estimated to reach 334,000 MWh, and in its first full year of operation, it is expected to generate revenues and Adjusted EBITDA of approximately $33.0 million and $27.5 million respectively. All of the electricity it produces is covered by a 40-year fixed-price power purchase agreement with BC Hydro, obtained under that province’s 2008 Clean Power Call Request for Proposals.
