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

Month-long water quality advisory still in effect for Rupert residents

The City of Prince Rupert recommends those with weakened immune systems boil water prior to use

Jennifer Rice North Coast MLA seeks re-election

Northwest politicians announce intent on elections

Heart of the City – Jason Scherr

Try and Try again - Prince Rupert Seamen Rugby Club

No COVID-19 public exposures in the North Health Region at this time

Northern Health Authority issued a statement on Sept. 17

Tax penalties of 10 per cent to be applied by City if not paid on time

Prince Rupert Property taxes for certain non-residential properties are due by Sept. 30

3 new deaths due to COVID-19 in B.C., 139 new cases

B.C. confirms 40 ‘historic cases,’ as well

Ferry riders say lower fares are what’s most needed to improve service

Provincial government announces findings of public engagement process

Supreme Court Justice Ruth Bader Ginsburg dies at 87

The court’s second female justice, died Friday at her home in Washington

Application deadline for fish harvester benefits program extended

Those financially impacted by the pandemic have until Oct. 5 to apply

Emaciated grizzly found dead on central B.C. coast as low salmon count sparks concern

Grizzly was found on Gwa’sala-‘Nakwaxda’xw territory in Smith Inlet, 60K north of Port Hardy

VIDEO: B.C. to launch mouth-rinse COVID-19 test for kids

Test involves swishing and gargling saline in mouth and no deep-nasal swab

Young Canadians have curtailed vaping during pandemic, survey finds

The survey funded by Heart & Stroke also found the decrease in vaping frequency is most notable in British Columbia and Ontario

B.C. teachers file Labour Relations Board application over COVID-19 classroom concerns

The application comes as B.C.’s second week of the new school year comes to a close

CHARTS: Beyond Metro Vancouver, COVID-19 cases in B.C. haven’t increased much recently

COVID-19 case counts outside of Metro Vancouver have been level since July

Most Read