Fort St. James biomass project secures funding

November 15, 2013, Fort St. James, B.C. – Fort St. James
Green Energy LP, whose Fort St. James biomass project was one of four approved
by B.C. Hydro in 2011, has announced that it has secured funding to move
forward with the project.

Project operators announced that a group of five banks have
come together to provide the $175 million in debt financing needed to move
construction forward on the 40MW, $235 million biomass power plant project.

The Fort St. James project was one of four awarded by B.C.
Hydro as part of a program to use
mountain-pine-beetle-killed timber in British Columbia’s interior. Set to come
online in early 2016, the Fort St. James plant is expected to produce enough
power for approximately 26,000 homes and will employ over 20 full-time staff. Under
the 30-year agreement with BC Hydro, the utility provider will pay an average
of $115 per megawatt of electricity.

The five
banks involved with the financing agreement are: CIBC, National Bank of Canada,
Bank of Tokyo-Mitsubishi UFJ, Netherlands-based Rabobank group and Natixis of
France.