Tahltan First Nation buys into $2.5B hydro project in BC
Will purchase a 5% stake in the Northwest British Columbia Hydro Electric Facilities.
VANCOUVER — The Tahltan First Nation says it has signed a $124.3 million deal to buy into a trio of hydro projects in its territory in what it says is British Columbia’s largest-ever renewable investment by a First Nation.
The nation, which includes the communities of Iskut, Dease Lake, and Telegraph Creek, says it has agreed to purchase a 5% stake in the Northwest British Columbia Hydro Electric Facilities from Axium Infrastructure Inc. and Manulife Financial Corp.
The facilities include the 195-megawatt Forrest Kerr, the 16-megawatt Volcano Creek, and the 66-megawatt McLymont Creek run-of-river hydroelectric projects that together are valued at $2.5 billion.
The investment comes as part of a wider effort by Indigenous communities across Canada to invest in renewable projects, both to reduce dependence on fossil fuel energy and for the potential long-term financial returns.
Chad Norman Day, president of the Tahltan central government, says the clean energy deal is an example of the nation’s careful use of collective title to secure long-term economic opportunities.
The Tahltan Nation’s territory covers 95,933 square kilometres in northwest British Columbia, or about 11 per cent of the province, and includes three operating mines as well as numerous mineral exploration projects.
News from © Canadian Press Enterprises Inc. 2016