Innergex closes Northwest Stave River hydroelectric project financing

Canada's Innergex Renewable Energy has closed $72mn in project financing for the Northwest Stave River run-of-river hydroelectric project located in British Columbia, Canada.

By Josie Le Blond

The 17.5MW Northwest Stave River hydroelectric project is located on Crown land, approximately 35 km north of Mission, British Columbia. Construction began in 2011 and commercial operation is expected to begin in the fourth quarter of 2013.

Northwest Stave's average annual production is estimated to reach 61900 MWh, enough to power approximately 6,000 households, said the company.

All of the electricity it will produce will be covered by a 40-year fixed-price power purchase agreement with British Columbia Hydro, which was obtained under that province's 2008 Clean Power Call Request for Proposals and which provides for an annual adjustment to the selling price based on a portion of the Consumer Price Index.

The proceeds of the financing will be used to fund approximately 80% of the total project costs, said Innergex.

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