Forrest Kerr, is one of three run-of-river hydroelectric projects located purchased by rhe Tahltan Nation. (submitted photo)

Tahltan make largest First Nation clean energy investment in B.C. history

The Northwest B.C. nation is now part owner of a clean energy asset valued at over $2.5 billion

The Tahltan Nation has purchased a five per-cent stake in three run-of-the-river projects in Northwest B.C., marking the largest clean energy investment in B.C. history by a First Nation.

The $124.3 million purchase from Axium Infrastructure Canada and Manulife Financial Corporation is for what’s collectively known as the Northwest British Columbia Hydro Electric Facilities. The asset is valued at over $2.5 billion.

READ MORE: Tahltan reach benefits agreement over Seabridge’s massive KSM gold mine project

President of the Tahltan Central Government, Chad Norman Day says the deal is one of several recent examples of how the nation is using its collective title and rights to foster economic independence.

“A buy-in of a project this size is extremely substantial and puts on us a good path of being self-determining in the future,” he says. “Anytime we better position ourselves to be economically independent, it gives us more leverage with future opportunities that may arise with other industries across the territory.”

The facilities comprise of the Forrest Kerr, McLymont Creek and Volcano Creek run-of-the-river projects with a combined power output of 287 megawatts. All three projects are located in traditional Tahltan territory.

The nation put up $28 million of its own dollars in the purchase with bond financing covering the remaining $124.3 million. Day expects seven-figure returns in the first year, with annual increases for 56 years until the loan is paid off.

READ MORE: Chad Day reelected president of Tahltan Central Government

Originally owned by AltaGas, the facilities have been in operation since 2014 and were underpinned by three separate 60-year, fully-indexed electricity purchase agreements with BC Hydro.

Day expects the lifespan of the project to exceed that time frame.

“The thought had always been once that 60-year project expires into the future the river providing all this power will continue flowing in a good way, and the asset will continue generating money. So we’re hoping that the projects will provide power for 100 years and thereafter.”

The Tahltan Nation originally became equity owners in one of the facilities in late 2014 after purchasing a 2.7 per cent interest.

In June 2018, AltaGas sold 35 per cent of its interest in the facilities, to a joint venture company for $922 million. More than a year later, AltaGas announced the sale of its remaining 55 per cent interest to Axium Infrastructure Canada and Manulife Financial Corporation for $1.39 billion.

READ MORE: Northern B.C. homicides unsettle isolated Tahltan village

The Tahltan Nation is located in Northwest British Columbia and comprises the communities of Iskut, Dease Lake and Telegraph Creek. The Territory spans 95,933 square km of Northwest B.C., or the equivalent of 11 per cent of the province.


Jenna Cocullo | Journalist
Jenna Cocullo 
Send Jenna email
Like the The Northern View on Facebook
Follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Rupert Raiders prove themselves the Apex competitors

Team had to battle the elements, in addition to their opponenets, at Apex Outdoor Tournament

Senior Boys Rainmakers charge into the new year with tourney win

Mix of high powered offensive and shutdown defence lead Charles Hays to victory

Cold snaps all weather records in Prince Rupert

Coldest day of the Year? No. Coldest Day of the decade? No. Coldest day of the century? Maybe…

Charles Hays fly to victory at Prince George Condor Classic

Junior Rainmakers soared through first two games to set up a dramatic final

Prince Rupert brings home bronze medal from Quesnel

All-West Glass Peewee Seawolves score overtime victory at Rep Tournament

Kids across Canada more at risk of hospitalization from flu this season: doctor

Dr. Theresa Tam said influenza B does not usually peak until February or later

Closed mills, housing surge support a positive forecast for lumber industries

B.C. lumber producers have closed mills accounting for 18% of province’s capacity, RBC report says

Good Samaritan pays part of rent for B.C. woman facing eviction in can-collecting dispute

Zora Hlevnjak, 76, supplements her pension by collecting cans and receiving public donations

Kelowna’s ‘Baby Mary’ finds biological parents after more than 30 years

Geneologist and DNA test helped her connect with her biological parents

Kelowna hotel to award couples for baby-making with Nooner deal

The deal includes a free stay every Valentine’s Day for the next 18 years

‘Scariest boat ride of my life’: Passengers trapped by ice on rocky B.C. ferry sailing

The Nimpkish docked in Bella Coola on Jan.12 coated in a thick layer of ice

B.C. pair ordered to pay $55,000 for oil tank discovered four years after selling home

Judge says defendants breached contract, despite being unaware of tank until basement flooded

Canada to give $25,000 to families of each Canadian who died in Iran plane crash

Prime Minister Justin Trudeau also made it clear that Canada still expects Iran to compensate victims

Oil and gas industry applauds top court’s dismissal of B.C.’s Trans Mountain case

The high court’s ruling Thursday removes one of the remaining obstacles for the project

Most Read