Longueuil, Quebec: Innergex Renewable Energy Inc. announced May 26 that its 25.3 MW Boulder Creek run-of-river hydroelectric facility located in British Columbia, had begun commercial operation. Innergex owns a 66.7% interest in the hydro facility and Ledcor Power Group Ltd. owns the remaining 33.3%.
The facility is part of the Upper Lillooet River Hydro Project which includes two run-of-river clean energy generation facilities located in the Pemberton Valley: Upper Lillooet River (81.4 MW) and Boulder Creek (25.3 MW). Innergex, in addition to owning 66.7% of the common shares of these two hydroelectric facilities, holds 100% of the preferred shares and therefore receives almost all of the cash flows generated by these facilities.
Boulder Creek's average annual production is estimated to reach 92,500 MWh, enough to power more than 8,500 households. In its first full year of operation, it is expected to generate revenues and Adjusted EBITDA of approximately $9.0 million and $7.5 million, respectively. All of the electricity the facility produces is covered by a 40-year fixed-price power purchase agreement with BC Hydro, obtained under that province's 2008 Clean Power Call Request for Proposals and which provides for an annual adjustment to the selling price based on a portion of the Consumer Price index.