Over 1.5 GW of Wind Projects Secures PPAs in British Columbia Tender

BC Hydro, the government-owned utility in British Columbia, has announced the signing of power off-take agreements with nine wind energy projects that will collectively deliver nearly 5,000 GWh of electricity, addressing the growing energy demand in the province.

The projects were selected through BC Hydro's recent Request for Proposals (RFP) for new renewable energy generation capacity. The successful projects will each receive 30-year power purchase agreements (PPAs), as confirmed by the provincial government on Monday.

To ensure the timely completion of the selected wind schemes, the government has exempted them from environmental assessments. This exemption will also apply to all future wind projects in the province, according to the announcement. A full list of the winning projects has been published.

In line with the tender requirements, eight of the nine successful projects will feature a 51% equity ownership, with a minimum 25% equity stake held by First Nations. Innergex Renewable Energy Inc. (TSE:INE) has confirmed its 49% stake in its three winning projects, which are slated to be operational between 2030 and 2031.

The power generated by these projects is expected to supply electricity to 500,000 new homes across the province. The government estimates that the development and construction of the wind parks will attract private investment ranging from CAD 5 billion to CAD 6 billion. Power procurement for these projects is anticipated to begin as early as 2028.

Premier David Eby stated, "These new projects will significantly increase our electricity supply, positioning BC as a clean-energy superpower while ensuring affordable rates for residents and industries looking to expand."