‘Namgis nets hydro funding

Loan agreement between the ‘Namgis First Nation and the Government of Canada will provide up to $12.94 million

A first-of-its-kind loan agreement between the ‘Namgis First Nation and the Government of Canada will provide up to $12.94 million for development of the Kokish run-of-river hydroelectric project.

Minister of Finance Joe Oliver last week announced the Government of Canada’s support through a P3 Canada Fund preferential loan. This low-interest loan is the first P3 Canada Fund project with a First Nation, and will help the ‘Namgis First Nation to build equity in the 45-megawatt hydroelectric development located within ‘Namgis core territory. The infrastructure is producing electricity for sale to BC Hydro under a 40-year Electricity Purchase Agreement. A portion of the revenue generated each year will be directed into a ‘Namgis Community Benefit Fund.

“The Kokish River project embodies ‘Namgis values of respect for environment, culture and sound management,” said Debra Hanuse, ‘Namgis Chief. “Through the P3 Canada Fund loan, we were able to establish a partnership with a corporation that shares our values. This partnership will enable our Nation to share in the economic benefits derived from our ancestral lands.”

The project is owned and managed by Kwagis Power LP, a limited partnership of the ‘Namgis First Nation and Brookfield Renewable Power, with Brookfield responsible for design, construction, financing, operations and maintenance, and ‘Namgis a partner in decision making and monitoring.

By entering into this long-term partnership agreement, the First Nation has secured an active role and participation in a sustainable energy project in its ancestral lands, without undue risk to ‘Namgis. The First Nation has the ability to monitor and evaluate the private partner’s performance.

“This innovative P3 project will allow the ‘Namgis to generate both energy and revenue while safeguarding North Vancouver Island’s ecosystem,” said Joe Oliver, Minister of Finance. “It also means high-quality jobs will be available for people in the ‘Namgis community over the next 40 years.”

The $1.2-billion P3 Canada Fund is managed by PPP Canada, a Crown corporation responsible for advancing Canadian public-private partnerships (P3s) through the provision of expert advice and support to all levels of government.

 

Just Posted

Port Harvey shipyard greenlit

Bylaw 895 has been adopted by RDMW

Port McNeill Volunteer Fire Department appoints deputy chief

Port McNeill Fire Chief Dean Tait has appointed 10+ year firefighter veteran… Continue reading

Port McNeill in Focus: Childcare Availability Crisis a Good News/Bad News Story

On average, childcare across the country is unavailable, unaffordable, and the quality varies.

Notice of change of operator for Mount Waddington transit services

The Regional District of Mount Waddington (RDMW) and BC Transit have received… Continue reading

Is Steve Nash Vancouver Island’s best athlete of all-time?

As Captain Canada gets ready to enter basketball’s Hall of Fame it’s time to debate his legacy

VIDEO: After the floods, comes the cleanup as Grand Forks rebuilds

Business owners in downtown wonder how long it will take for things to go back to normal

Woman’s death near Tofino prompts warning about ‘unpredictable’ ocean

Ann Wittenberg was visiting Tofino for her daughter Victoria Emon’s wedding

Will Taylor Swift’s high concert ticket prices stop scalpers?

Move by artist comes as B.C. looks to how to regulate scalpers and bots reselling concert tickets

36 fires sparked May long weekend, most due to lightning: BC Wildfire

As warmer weather nears, chief fire officer Kevin Skrepnek says too soon to forecast summer

Ariana Grande sends message of hope on anniversary of Manchester bombing

Prince William joins survivors and emergency workers for remembrance service

B.C. flood risk switches from snowmelt to rainfall: River Forecast Centre

Kootenays and Fraser River remain serious concerns

Pipeline more important than premiers meeting: Notley

“Canada has to work for all Canadians, that’s why we’re fighting for the pipeline”

Canadian government spending tens of millions on Facebook ads

From January 2016 to March 2018, feds spent more than $24.4 million on Facebook and Instagram ads

VIDEO: How to use naloxone to stop a fentanyl overdose

ANKORS’ Chloe Sage shows what to do when someone is overdosing

Most Read