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Federal government invests in run-of-river hydro project
The Government of Canada is investing in renewable energy projects throughout British Columbia, thanks to investments in projects through the ecoENERGY for Renewable Power Program. James Lunney, Member of Parliament for Nanaimo-Alberni, announced the most recent investment, the Cypress Creek Hydroelectric Project, which will receive up to $1.1 million in funding under the Government of Canada's ecoENERGY for Renewable Power program.
September 19, 2008 By Newswire
"We need energy. It powers our economic growth, and is fundamental to our quality of life – but we need clean energy to protect our health and our environment," said MP Lunney. "Our support for the Cypress Creek Hydroelectric Project is another example of our government’s balanced approach to fighting climate change – helping to increase the supply of clean, renewable energy for Canadians, and accelerating the development of a strong renewable energy industry."
The low-impact, run-of-river hydro project will operate with one turbine, rated at 2.84 megawatts (MW). On average, the Project will generate 11 gigawatt hours of clean, emissions-free electricity a year. The Cypress Creek project was developed and is owned by Synex Energy Resources, Ltd., a wholly owned subsidiary of Synex International Inc. Synex is a Canadian public company involved in the development, ownership and operation of electricity generation, with special expertise in hydro projects.
According to Greg Sunell president of Synex Energy Resources Ltd, the Cypress Creek plant will complement Synex’s existing 3.8 MW Mears Creek Hydroelectric plant located about 10 km away. Mr Sunell stated that "development of the Cypress plant was predicated on our belief that financial assistance to green power projects would be forthcoming; we are pleased to have been accepted under the ecoEnergy for Renewable Power program."
Seven renewable energy projects have been announced in British Columbia, Alberta and Prince Edward Island under the ecoENERGY for Renewable programs.
The Cypress Creek project has qualified for the one cent per kilowatt-hour incentive under the ecoENERGY for Renewable Power initiative, helping to ensure the electricity generated at Cypress Creek can be delivered to consumers at competitive rates.
Businesses, municipalities, institutions and organizations are eligible to apply for funding under ecoENERGY for Renewable Power. The program provides about $1.48 billion to increase Canada’s supply of clean electricity from renewable sources such as wind, biomass, low-impact hydro, geothermal, solar photovoltaic and ocean energy. It will encourage the production of up to 4,000 megawatts of new electricity from renewable energy sources–enough electricity to power about one million homes.
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