Syntaris Power Remains Positive about Future of Kinskuch Hydro Project
Friday, May 7th, 2010Vancouver, British Columbia—Syntaris Power Corp. announced today that it will continue to advance development of its Kinskuch Hydro Project even though it was not accepted in the BC Hydro Clean Call for Power (CPC).
The 76 megawatt Kinskuch Hydro Project is located approximately 50 km east of Stewart and is situated near the proposed route of the Northwest Transmission Line. It was entered into the CPC on November 25, 2008 along with two other projects in partnership with HydroMax, the British Columbia division of the Alberta-based utility ENMAX. One of the projects, Culliton Creek (15MW), received an energy purchase agreement from BC Hydro in March.
“While we are disappointed with BC Hydro’s position on this matter, we are already reviewing our options,” says Syntaris Power’s President and CEO Robert Fraser. “We believe that because of its size, its power-on-demand capabilities and its proximity to the proposed Northwest Transmission Line, the Kinskuch Hydro Project can contribute to the success of the BC government’s Clean Energy Act by creating new jobs and stimulating economic development, specifically for rural communities in the Northwest region of the province,” he adds.
The new Clean Energy Act (Bill 17) sets out sixteen specific energy objectives meant to strengthen the province’s legislated goal of electricity self-sufficiency by 2016. It plans to harness B.C.’s clean energy potential to enable economic growth, create new jobs across the province, and provide opportunities for First Nations to create investment and jobs in renewable power production. It also intends to secure long-term export power sales to other jurisdictions. To do this, the government plans on partnering with renewable power producers in British Columbia.
Upon completion, the Kinskuch Hydro Project would generate an estimated total of 270 GWh of “on-demand” renewable electricity, create approximately 300 person years of employment during the construction of the project, drive economic growth throughout the region and provide significant long-term revenue to government through ongoing taxes and other operating fees during the life of the contract.
The project is currently in the midst of the Environmental Assessment process with the provincial government and the company having conducted fish, hydrological, LIDAR and preliminary geotechnical studies. “In the coming weeks we will meet with business and First Nations partners and local community groups to find new avenues to advance this excellent hydro storage project through the process,” says Fraser. “We will also meet with BC Hydro to determine what we need to do to satisfy its requirements,” he adds.
The Kinskuch Hydro Project qualifies as clean or renewable energy in accordance with the guidelines published by the BC Ministry of Energy, Mines and Petroleum Resources. For more information on the project, click here.
About Syntaris Power Corp.
Syntaris Power Corp. is a Vancouver-based green energy company committed to sourcing, developing and operating clean, renewable hydroelectric projects in the Province of British Columbia. The Company’s impressive development portfolio, representing about 500 MW of potential projects, can provide socio-economic benefits to First Nations and local communities. Successful development of these projects would help British Columbia achieve its required goal of energy self-sufficiency by 2016 and create a legacy of clean, renewable power for future generations. For more information about Syntaris Power, visit the company website at www.syntaris.com
Forward Looking Information: The information contained in this news release may contain forward looking statements. Forward looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
