In December 2024, The Canada Life Assurance Company Limited (Canada Life) and its affiliates refinanced the 49.9MW Ashlu Creek run-of-river hydroelectric power-generating plant owned by Innergex Renewable Energy Inc.
All the power generated at Ashlu Creek is covered by a 30-year power-purchase agreement with BC Hydro, set to expire in 2039. After 40 years of operations, the project is to be transferred to the Squamish Nation for a nominal price.
Davies Ward Phillips & Vineberg LLP represented Canada Life and its affiliates with a multidisciplinary team including Anthony Spadaro and Nicholas Williams (Power/Project Finance); Hafsah Qureshi and Emily Han (Project Finance); Sarah Powell and Robyn Barabash (Environmental/Regulatory/Indigenous); Pawel Mielcarek (Real Estate); and Paul Capparelli (Real Estate).
McCarthy Tetrault LLP represented Innergex.