BC Hydro's Site C Hydro ‐Electric Project on the Peace River has been shown to have strong community support. BC will likely experience significant growth in electricity demand over the next 20 years and the community widely supports the independent power generation potential of rivers and wind in the province. BC Hydro is one year into a 3 year long environmental assessment process for its $7.9 billion Site C proposal intended to be built 7 km southwest of Fort St. John, generating 1100 MW of electricity, which would provide enough power to meet to the annual needs of 450,000 homes. BC Hydro operates 31 hydro electric facilities and 3 thermal generating plants, with a total of 12,000 MW of installed generating capacity. The company’s hydro electric facilities provide over 95% of the total electricity generated and are located throughout the Peace, Columbia and Coastal regions of British Columbia.
The Caisse de Depot et Placement du Quebec, a Quebec pension fund, is investing close to $100 million in a Quebec based hydro electric company. The pension fund manager said that it bought 9.6 million common shares of Innergex Renewable Energy for a total cost of $98.9 million. The Caisse will own 10.3% of Innergex. This large investment comes at a time when Innergex is taking on new hydro electric acquisitions. Innergex recently announced a purchase and sale agreement to acquire a 70% interest in the Magpie Hydroelectric facility in northeastern Quebec for $30.3 million, plus another $52 million in debt. Innergex expects this Magpie acquisition to close by the end of September 2012. The Magpie facility sells all of its electricity to Hydro Quebec as part of a 25 year agreement. Innergex also has a letter of intent to acquire ownership interest in 7 other hydroelectric projects in Quebec, Ontario and British Columbia.
The PEI Energy Corporation is moving forward with plans for a wind power development in the Hermanville and Clearsprings area of Prince Edward Island, which will produce 30 MW of power. The project is estimated to be at a cost of $60 million and will help PEI meet its energy accord commitments. It has been indicated that more than $300,000 will go into the community every year as a result of the projects. The Province of PEI is currently in negotiations with suppliers to build and supply the turbines. It is expected that the turbines will be operational by 2013.
Three commercial scale wind energy projects have recently been approved by the province of Nova Scotia in Lunenburg and Guysborough counties. Two of the projects, led by Oxford Frozen Foods and Minas Pulp and Paper, are to be located next to each other near South Canoe Lake, while the Sable Wind Project is near Canso. It is expected that the Sable Winds Project will produce 13.8 MW of power while the Oxford and Minas Projects will produce a total of 102 MW. It is estimated the projects will result in total investments of close to $200 million into the province of Nova Scotia.