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$371 million Bonneehéieniver dam project gets green light hySunn Qucvlllon Mmrynpomr / y 7/ Renfrew’s H dro Cqmmission gayo the go 35m lo! a 1. megawatt kgn "élé’iftrtc eneFa’tTj ms e Eevelo on t e 151 Chut oyrnstrcam from The commission signed a letter of in- tent to oceed on a development agree ment wrth Algonquin Power Corporation Inc. of Mississauga. Algonquin Power will lease land and water rights Irorn chfrcw Hydro for a maximum term of 25 years, while chfrew Hydro receives a five per cent royalty on energy sold to Ontario Hydro. First year royalties should add about $27,000 to Renfrew Hydro coffers. Ontario Hydro is pursuing a plan to buy power from small sources acrnu the province rather than construct a mega power project that requires substantial transmission lines to transfer power. At the end of 25 years, the plant. land and water rights return to Renlrew Hydro at no cost. In the meantime. Renfrcw Hydro has a purchase option that allows the commissron to terminate the lease early. "It’s a good deal Ior Renlrcw.‘ said Hydro commission chairman Gary Wil- son. 'Thcre's a lot of protection in there for Hydro." Using a company to dcvelo the dam not only frees chfrcw Hydro tom cost- ly construction but ties into long term benefits. Revenue will be used to upgrade chfrcw's existing generating facility. Algonquin assumes all the risk in the deal. "We kind of hold all the cards," WiLmn said. 'We control the water and we com [ml the land.” The company covers all construction costs and is responsible for approvals from government ministries, Ontario Drug Awareness Week ’n look all breakfast was I total Iucou with over 130 people It‘lending. Pictured above . who are reading t-r is March Tlmm aw the prom-mutton. T oven was entered by the Womonl Auxltnry Comml‘leo. Castleford Tweedsmuir History 1990-1998 Community Interests & Citizen Interests Hydro. the town of Renlrew and Horton Township. chfrcw Hydro will approve all en- gineering reports, designs and construc- tion procedures. The deal has been studied by the Renl'rew commission for almost a year. Other private developers were con- sidered up until December when the commission agreed on Algonquin's proposal. Algonquin agrees to pay the ap- proximate $45,000 for annual main- tenance and operation. Insurance, tam and other expenses also [all on Algonquin‘s ledger. Government grants and funding cht’rew Hydro is not eligible for can be used by Algonquin to develop the project. Each year, the company will con- trihute five per cent of capital costs to a fund covering any repair or restoration work needed at the end ofthe lease. 28 of175