FORMER SYNEX PROJECTS
Facilities which were developed or acquired by Synex Energy and were subsequently sold are:
Coast Mountain Power Corp.
Synex Energy was a significant shareholder in Coast Mountain Power Corp, who was developing the Forrest Kerr Hydroelectric Project. The Project was subsequently sold to Altagas. The 195MW project was commissioned in 2014.
Synex Wolverine LLC Hydro Projects
The Sanford Hydroelectric Project (3.3 MW project) situated in central Michigan (see adjacent photo) is one of four hydroelectric projects that were owned and operated by Synex Energy along the Tittabawasse River that produce a total of 11 MW. The four projects were sold in March 2006.
Brown Lake Hydro Project
This 7000 kW hydro project located 45 km south of Prince Rupert was commissioned in December 1996 and provides electricity to the integrated grid under the terms of a 20 year Electricity Purchase Agreement with BC Hydro. The project was sold in mid 2000 for about $22 million after an investment of $14 million and after several years of profitable operation.
Clayton Falls Hydro Expansion Project
This 2000 kW expansion project for the existing BC Hydro Clayton Falls power station was placed in service in January 1992 at a total cost of $3,500,000. The Agreement with BC Hydro provided for 240 fixed monthly payments while BC Hydro operates the plant to maximize benefits to its isolated hydro/diesel system. The project payments were prepaid by BC Hydro in mid 2000.
Kwadacha Diesel Power System
The mechanical and civil aspects of the 550 kW system were engineered and administered by Sigma Engineering Ltd to supply power to Fort Ware, BC. Upon completion of construction, Synex entered into a contract with the system owners, the Kwadacha Band, to provide operation, maintenance and management services. BC Hydro assumed operation of the system in 2005.
Tsay Keh Diesel Power System
On the basis of its proven ability and reputation developed in Fort Ware, Synex was recommended to the Tsay Keh Dene for the operation and maintenance of their community power system in Tsay Keh, BC. BC Hydro assumed operation of the system in 2005.
Yoho Power Ltd
Synex Energy acquired this 500 kW, regulated diesel generation utility located in Field, BC from the sale of assets by the Northern Canada Power Corporation (NCPC) in 1987. In February 1997, substantially all of the assets of the company were sold based upon the decision by BC Hydro to extend its grid from the community of Golden, BC.
Moses Hydro Project
This 75 kW hydro project, serving a 70 man logging camp was placed in service on August 1, 1985. An agreement originally with Fletcher Challenge Ltd (Crown Forest) and assigned to International Forest Products Ltd provided for escalating lease payments to May 1, 1995 with a mandatory buyout payment of $100,000 on August 1, 1995.
Strathcona Hydro Project
This 75 kW hydro project was placed in service during 1988 and has been supplying electricity to the Strathcona Lodge since that time excepting for the annual shutdown of the plant during low water conditions. In 1990, Synex Energy purchased the plant and entered into a 20-year lease agreement with Strathcona Lodge providing for fixed monthly payments. The agreement was bought out by the Lodge in October 1993.
Holberg Grid Connection
This 50 km power line was completed by Synex Energy in July 1986 at a cost of $2.8 million. The project involved a unique approach, whereby Synex Energy successfully combined available sources of funding to provide a powerline that provided immediate energy savings to the customers. Equity finance was provided by the customers (National Defence/Western Forest Products Ltd/Transport Canada), BC Hydro and Synex Energy while the Swiss Bank Corporation (Canada) provided the debt funding in the amount of $1,000,000 by a term loan to Synex Energy which was repaid over a 4-year period to match the project lease period.