HARRISON LAKE, B.C. — Connor, Clark & Lunn Infrastructure (CC&L Infrastructure), a Toronto-based investment firm, announced it is now the majority owner of two hydro projects near Harrison Lake in B.C.
The company explained it now has an agreement with Greengen Holdings Ltd. and Sts’ailes Energy Development Limited Partnership to acquire a majority interest in Bremner Trio Hydro Corp., which owns two construction-stage, run-of-river hydropower facilities aggregating approximately 50 megawatts near Harrison Lake.
The projects, Trio Creek and Bremner Creek, are currently under construction, though a press release by CC&L noted that procurement milestones have already been achieved. The Trio Creek project is underway and the Bremner Creek project is expected to commence construction in early 2019. Both projects are being developed by GreenGen.
The company anticipates the projects will need approximately $200 million. All the power generated by the facilities will be sold to BC Hydro under a 40-year electricity purchase agreement.
“CC&L Infrastructure is pleased to be making this attractive investment,” said Matt O’Brien, president of CC&L Infrastructure in the release. “This transaction leverages our experience investing in projects at the construction-stage and adds to our high-quality portfolio of long-life infrastructure assets.”
The two projects combined will have an estimated expected energy output of approximately 150 gigawatt hours per year.
“We are pleased to be working with Connor, Clark & Lunn Infrastructure on this project,” said Ralph Leon, Chief of the Sts’ailes First Nations. “The Sts’ailes have an unbroken history on Harrison Lake, and our land and resources are central to both our culture and economy. This project is yet another milestone of our active approach to business governance.”