B.C.’s Fort St. James Biomass Project On Track With Financing

One of four wood-fired power plants approved in 2011 under a BC Hydro program to use mountain pine beetle killed timber in British Columbia’s interior has lined up construction financing, aiming to deliver electricity onto the provincial grid by the summer of 2016. Fort St. James Green Energy LP, a partnership between Dalkia Canada Inc., […]

One of four wood-fired power plants approved in 2011 under a BC Hydro program to use mountain pine beetle killed timber in British Columbia’s interior has lined up construction financing, aiming to deliver electricity onto the provincial grid by the summer of 2016.

Fort St. James Green Energy LP, a partnership between Dalkia Canada Inc., a subsidiary of a French power firm, and Fengate Capital Management Ltd. said Thursday that it had closed a $175-million debt financing to support construction of the 40-megawatt, $235-million biomass power plant outside of the interior town it is named for.

“I think overall we did well,” said Dalkia senior vice-president Fadi Oubari. “We managed to put together experienced bankers, experienced lenders who liked the project, who liked the biomass (available to support it) and the benefits its going to bring to the area.”

Construction will support 250 jobs and, once in operation, plant operator Dalkia expects it will employ 22 operators and deliver more than 285 gigawatt-hours of electricity per year, enough to power about 26,000 homes, under a 30-year contract with BC Hydro.

It will be one component of BC Hydro’s plan to burn what is referred to in the power world as biomass, specifically in pine beetle affected areas to help deal with the infestation’s aftermath.

From The Vancouver Sun: http://www.vancouversun.com/technology/Fort+James+biomass+project+track+with+financing/9169913/story.html

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