New funding for North Island hydroelectric project
The federal government is giving the North Island a boost, a new P3 Canada Fund preferential loan has just been announced for the Kokish River Hydroelectric Project, and it is worth up to $12.94 million.
The low interest loan will help the Namgis First Nation build equity on their hydroelectric development.
A press release states that this is the first time the P3 Canada Fund has partnered with a First Nation.
The electricity that is being produced right now at the facility being sold to BC Hydro.
Federal Finance Minister, Joe Oliver says in the press release, “this innovative P3 project will allow the ‘Namgis First Nation to generate both energy and revenue while safeguarding North Vancouver Island’s ecosystem. It also means high-quality jobs will be available for people in the ‘Namgis community over the next 40 years.”