Atco Ltd (TSX:ACO)
Shares Issued 100,716,098
Last Close ACO.X 11/30/2022 $43.07
Thursday December 01 2022 - News Release
Mr. Jay Massie reports
ATCO AND COPPER NIISUU INITIATE A NEW ELECTRICITY AGREEMENT TO UNDERPIN THE SAA SE ENERGY PROJECT IN BEAVER CREEK AND ENHANCE ENERGY AUTONOMY FOR WHITE RIVER FIRST NATION
Atco Electric Yukon (ATCO), a subsidiary of Atco Ltd.'s Canadian Utilities, and Copper Niisuu LP (CNLP) have finalized a landmark electricity purchase agreement (EPA) that will help the White River First Nation (WRFN) reduce its reliance on diesel power, achieve greater energy autonomy and generate economic benefits for the next 30 years.
Under the agreement, CNLP will build, own and operate the Beaver Creek solar facility, designed to be the largest penetration solar project in Yukon -- a measure of how much power generated by current means is being replaced by solar electricity. In this project's case, solar power will replace more than 55 per cent of the diesel generation in the community. The 1.9-megawatt (MW) facility will cut in half the amount of diesel needed for electricity generation in the community, a reduction of approximately 325,000 litres per year, and will reduce CO2 (carbon dioxide) emissions by 1,100 tonnes annually.
Atco will provide technical expertise throughout the duration of the project to ensure seamless integration to the Beaver Creek microgrid and will manage the installation of equipment that helps connect solar equipment to Atco's existing systems. Once construction is completed, CNLP will serve as the independent power producer, owning and operating the solar facility. Atco will purchase the solar electricity generated, connect it to the grid and redistribute it back to the community. The facility is expected to be fully operational by 2024. "We are excited about this project. It shows how a small first nation community can overcome challenges to lead the way. In addition to reducing noise and pollution in our community, the project will also be a source of revenue for decades and will provide employment for citizens and the community at large. It highlights what is possible when a small group of dedicated people have the right support. First nations have always been and will be stewards of the environment, this work builds on the foundation of strength and self sufficiency of our ancestors.
"We thank Atco, the territorial and federal governments for believing in the White River team and supporting this project," said John Vandermeer, president of WRDC.
"Accelerating the clean energy transition in remote northern communities requires a bold and collaborative approach. Using a foundation of trust, equity and mutual respect, our team is pioneering innovative and sustainable solutions that reduce reliance on diesel and create local economic benefits through community ownership," said Jay Massie, vice-president of northern development and indigenous relations for Atco.
Once fully operational, the Beaver Creek solar project will:
- Generate more than 1,000 MWh (megawatt-hours) per year of solar electricity;
- Reduce diesel consumption for electricity generation by about 325,000 litres per year (55 per cent of current volumes);
- Reduce 1,100 tonnes of CO2e (carbon dioxide equivalent) annually;
- Enable the diesel plant to be turned off about 60 per cent of the time, more than 5,200 hours per year;
- Consist of 1.9 megawatts DC of solar panels (more than 4,000 panels) and 1.2 MW AC of inverters and 3.5 MWh of battery energy storage.
We seek Safe Harbor.