Just two days after its friendly take over of Pacific Northern Gas, AltaGas has signed a electricity purchase agreement with BC Hydro.
The deal covers the McLymont Creek and Volcano Creek run-of-river hydroelectric projects. Both are in the traditional territory of the Tahltan First Nation.
Along with a third project, know as Forest Kerr, the three projects will total approximately 277 megawatts and are known as “the Northwest Projects.” The three will be the anchor tenants for the Northwest Transmission Line, which will upgrade the hydro infrastruture of northern western British Columbia.
David Cornhill, Chairman and Chief Executive Officer of AltaGas said in a news release
“With a combined capacity of approximately 82 MW the McLymont Creek and Volcano Creek projects, in addition to our 195 MW Forrest Kerr project, represent a $1 billion investment in British Columbia,”. “These three projects align with our strategy of adding low-risk, long-life assets as we continue to build long-term contracted assets that will generate power and deliver strong shareholder value for generations to come.”
The news release also says:
The Northwest Projects will be constructed solely within Tahltan Nation traditional territory. AltaGas and the Tahltan Nation have signed IBAs for all three projects and have established a strong working relationship that will provide the people of the Tahltan Nation with employment, business opportunities, and economic participation. Once completed, the projects will provide enough electricity for approximately 95,000 homes in British Columbia and will offset more than 780,000 tonnes of greenhouse gas equivalents annually.