Run of River Power
Encyclopedia
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.
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.
Annual revenues have been estimated at roughly $2.2m for a total of “around $50 million” over 20 years. However, according to a 2008 report, Run of River’s Brandywine project is “money-losing”.
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. Capital costs were estimated at $350m.
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. 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.
Biomass
Biomass, as a renewable energy source, is biological material from living, or recently living organisms. As an energy source, biomass can either be used directly, or converted into other energy products such as biofuel....
projects in British Columbia.
Listing on TSX Venture Exchange
In June 2005, Run of River listed on the TSX Venture ExchangeTSX Venture Exchange
The TSX Venture Exchange is a stock exchange in Canada. It is headquartered in Calgary, Alberta and has offices in Toronto, Vancouver, and Montreal. All trading through the Exchange is done electronically, so the Exchange does not have a "trading floor"...
by conducting a private placement
Private placement
Private placement is a funding round of securities which are sold without an initial public offering, usually to a small number of chosen private investors...
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.
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. Construction work was carried out in less than one year by Ledcor Power and the project was commissioned in May 2005. Capital costs were originally estimated at $11m, but additional fish studies and agreements with local government and First Nations inflated costs to $14m.Annual revenues have been estimated at roughly $2.2m for a total of “around $50 million” over 20 years. However, according to a 2008 report, Run of River’s Brandywine project is “money-losing”.
Skookum Power Project (25MW, 68GWh/yr)
A 40-year PPA was awarded to Run of River Inc. in 2008 Call. Current plans call for construction of the $94m project to begin in 2012 and commissioning in Jan 2014.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. Capital costs were estimated at $350m.
The proposal reached the pre-application stage of British Columbia's Environmental Assessment process before being terminated by Environment Minister Barry Penner
Barry Penner
Barry Penner, QC is a former Member of the Legislative Assembly of British Columbia for Chilliwack-Hope. He previously served as Attorney General of British Columbia, Deputy House Leader , and Minister of Environment and Minister of Aboriginal Relations and Reconciliation.Born in Kitimat in 1966,...
, who refused to redraw park boundaries in order to accommodate the required transmission line. 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.