John Hart Generating Station Replacement Project
John Hart Generating Station Replacement Project

Detailed case study of the John Hart Generating Station Replacement Project, the 2014 National Gold Award for Project Financing winner.

Once completed in 2018, this $1.1 billion project to replace the 68-year-old John Hart Generating Station will increase the generating station’s annual power output by almost 10 per cent, as well as improve earthquake preparedness and reliability and address environmental concerns; the innovative underground powerhouse will enhance public safety and improve the facility’s environmental footprint in Vancouver Island’s Elk Falls Provincial Park. Financing for this project is a unique combination of a sole equity provider and debt financing made up of a short-term loan, $299 million senior bonds, with an average life of 13 years, and payments from BC Hydro.

This 29-page case study provides details on the elements that made this project the 2014 National Gold Award for Project Financing winner. Information on the project includes: quick facts, procurement process, structure of the agreement, financial arrangements, risk allocation, benefits, communications, labour, monitoring, innovative features, testimonials and partner contacts.

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