Enmax to expand its green power portfolio through acquisition, partnership with Eaton
CALGARY, ALTA-Enmax, in Calgary, is planning to increase its green power portfolio by acquiring a run-of-river hydro electricity generation facility and by embarking on a business venture with Vancouver-based Eaton Power Corporation to develop more run-of-river hydro facilities in British Columbia. Enmax is purchasing a 99% interest in the 11-megawatt Furry Creek run-of-river hydroelectric facility, located 40 kilometres north of Vancouver. The remaining 1% will be retained by the Squamish First Nation. Under its agreement with Eaton Power, Enmax will hold a 65% interest and Eaton Power a 35% interest in a new company, Hydromax Energy. Hydromax assets include three run-of-river hydro projects in early stages of development. These will be submitted for consideration in BC Hydro's forthcoming call for power. In addition, Hydromax expects to invest more than $300 million over the next five years developing other run-of-river hydro projects. Eaton Power Corporation is a privately held company created in 2001 to develop green power in BC. The firm built the Furry Creek plant and is in varying stages of licensing, design and development of as many as 30 other potential small hydro plants in the province. More information is available from Rocco Ciancio at Enmax, 403/514-3826, Web site www.enmax.com, or Daniel Eaton at Eaton Power, 604/642-5700.