Capstone Infrastructure Corporation (TSX: CSE.PR.A) and the shíshálh Nation are pleased to announce they have executed a new long-term electricity purchase agreement (“EPA”) with BC Hydro for the Sechelt Creek Hydro Project. The 16-megawatt run-of-river hydro facility began operation in 1997 and is located on Sechelt Creek, which flows into Salmon Inlet. The new EPA runs until 2058.
The EPA ensures that the Sechelt Creek Hydro Project will continue to deliver reliable, renewable energy to the province of BC for future generations, sustain the population of salmon utilizing Sechelt Creek’s spawning channel, and provide economic benefits to the shíshálh Nation under its Facility Agreement with Capstone. The Facility Agreement was entered into in March 2017 and gives effect to shíshálh’s indigenous rights and title in view of the facility’s ongoing operation in their territory, enshrines collaborative decision-making and governance, and will result in equity ownership and profit sharing for the project.
“We are very pleased with finalizing the terms of this important agreement with BC Hydro as securing the future of this world-class project benefits the environment, the people of British Columbia, and our partners at the shíshálh Nation,” said David Eva, Capstone CE.
“shíshálh Nation is happy to get this agreement finalized. Although shíshálh Nation is a leader in business engagement, we hold the environmental health of our territory paramount, and that includes important resources like a flourishing salmon population. This project creates business opportunities for our Nation but does so without sacrificing the health of our territory,” said shíshálh Chief H. Warren Paull.
The Sechelt Creek Hydro Project is a traditional run-of-the-river hydro facility that has been recognized for its environmental stewardship efforts. In 2005, the project was awarded the International Hydro Association’s Blue Planet Award for Environmental Excellence and in 2013 Clean Energy BC presented the facility with an award for Environmental Stewardship and Community Improvement. The second award recognizes Capstone’s work with shíshálh Nation for the protection and continual efforts to enhance and protect the salmon run in Sechelt Creek.
The EPA is subject to the approval of the British Columbia Utilities Commission.