On July 23, 2014, BluEarth Renewables closed its non-recourse construction and term debt financing for the 15 MW Culliton Creek Hydro Project. National Bank of Canada acted as the sole lender to the transaction that will provide funding of approximately $77 million. The Project has a 30-year Energy Purchase Agreement (EPA) with BC Hydro, and has received a Conditional Water License and Crown Land Tenure from the Ministry of Forests, Lands, and Natural Resource Operations. The project will generate enough renewable power to approximately 5,900 homes.
BluEarth Renewables is a Canadian-based power producer that develops, builds, owns and operates wind, hydro and solar facilities across North America.
Osler, Hoskin & Harcourt LLP advised BluEarth Renewables Inc. with a team consisting of Paula Olexiuk (Energy), Lorne Carson (Corporate) and Dana Saric (Banking and Financial Services).