Run of River Power
Run of River Power or ROR Power is a Canada-based energy company. It develops renewable, sustainable energy through its portfolio of run-of-river and biomass projects in British Columbia.
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| Type | Public company |
|---|---|
| TSX-V: ROR | |
| Industry | Electric generation |
| Genre | Independent Power Producer |
| Fate | Acquired by Concord SCCP General Partner (I) Inc. |
| Founded | 2005 |
| Defunct | 6 May 2014 |
| Headquarters | , Canada |
Key people | Richard Hopp, President & CEO |
| Total assets | C$33.24m |
| Subsidiaries | Northwest Cascade Power Rockford Energy Corp. Sea to Sky Power Corp. Pacific Northwest Biomass Corp. |
| Website | www.runofriverpower.com |
History
In June 2005, Run of River listed on the TSX Venture Exchange by conducting a private placement of 14.8m shares at $0.60/share to raise $8.9m. These funds, and a $13m loan from Industrial Alliance Insurance and Financial Services, were used to purchase a 90% interest in Rockford Energy, which included the Brandywine Creek facility and five other nearby projects, from Ledcor Power.[1] The company was acquired by Concord SCCP General Partner (I) Inc. in May 2014 and delisted from the TSX Venture Exchange.[2]
Power Projects
Brandywine Creek (8MW, 34-40GWh/yr)
This project was awarded a 20-year power purchase agreement in BC Hydro's 2001 Call for Green Energy Projects.[3] Construction work was carried out in less than one year by Ledcor Power and the project was commissioned in May 2005.[4] Capital costs were originally estimated at $11m, but additional fish studies and agreements with local government and First Nations inflated costs to $14m.[5]
Annual revenues have been estimated at roughly $2.2m for a total of "around $50 million" over 20 years.[6] However, according to a 2008 report, Run of River's Brandywine project is "money-losing".[7]
Development Projects
Skookum Power Project (25MW, 68GWh/yr)
A 40-year PPA was awarded to Run of River Inc. in 2008 Call.[8][9] Current plans call for construction of the $94m project to begin in 2012 and commissioning in Jan 2014.[10]
Upper Pitt River (155MW)
This project, proposed by Run of River's subsidiary Northwest Cascade Power Ltd., included seven generation facilities and a 42 km transmission line that would have passed through Pinecone Burke Provincial Park.[11] Capital costs were estimated at $350m.[12]
The proposal reached the pre-application stage of British Columbia's Environmental Assessment process before being terminated by Environment Minister Barry Penner, who refused to redraw park boundaries in order to accommodate the required transmission line.[13] While Run of River's management and the local First Nation were united in their opposition to this decision, the firm is currently seeking an alternative transmission route.[14][15]
References
- Healy Capital Corp. Press Release – 21 June 2005
- "Run of River Power Inc. Announces Entry into an Arrangement Agreement for the Sale of Run of River Power Inc. and Rockford Energy Corporation" (Press release). Cision. CNW Group. 8 May 2014. Retrieved 6 March 2020.
- http://www.runofriverpower.com/id/14
- http://www.bchydro.com/planning_regulatory/acquiring_power/green_ipps/project_updates/brandywine_creek.html
- Vancouver Sun – 30 August 2002
- Healy Capital Corp. Press Release – 21 June 2005
- Vancouver Sun – 24 March 2008
- http://dcnonl.com/article/id38251
- http://www.runofriverpower.com/pages/our-projects.php
- Run of River Power Press Release - 6 May 2010
- Vancouver Sun - 8 January 2010
- Vancouver Province - 27 May 2008
- Vancouver Sun - 27 March 2008
- Vancouver Province - 27 May 2008
- Run of River Power Inc. Q2 2010 Report