Funding totalling $92.9 million has been approved for construction of the Tretheway Creek run-of-river hydroelectric project in British Columbia, Canada, developer Innergex Renewable Energy Inc has announced.

The non-recourse construction and term project financing which has been closed by Innergex has been fully underwritten by National Bank Financial Inc. and Sun Life Assurance Company of Canada, with National Bank of Canada and Sun Life Assurance Company of Canada as lenders.
Proceeds of the loan will be used to pay for the project’s construction costs, with work currently progressing on time and on budget. Construction began in 2013 and commercial operation is expected to begin in the fourth quarter of 2015.

Tretheway Creek will have an installed capacity presently limited to 21.2MW and an average annual production estimated to reach 81,000 MWh, enough to power approximately 6700BC households. All of the electricity the facility will produce is covered by a 40-year fixed-price power purchase agreement with BC Hydro, which was obtained under that province’s 2008 Clean Power Call Request for Proposals.