Pat Wellenbach
Two small renewable energy firms saw their stock leap on Thursday morning after they were awarded contracts under British Columbia's "clean power call."
Run of River Power Inc. shares jumped more than 30 per cent in early trading on the TSX Venture exchange, following last night's announcement that its Mamquam River hydro-electric project near Squamish has been given the go-ahead.
Sea Breeze Power Corp. stock rose 22 per cent, after it won a contract for its 66-turbine Knob Hill wind farm on the northeast coast of Vancouver Island, near Port Hardy.
They were among four companies that were awarded electricity purchase agreements by B.C. Hydro on Wednesday. The utility signed contracts for 19 clean power projects last month, and this is the second tranche of winners. Eight projects are still in the running.
One project that will not go ahead -- at least for the time being -- is an ambitious offshore wind farm planned for Hecate Strait, near Haida Gwaii. The project's developer, Naikun Wind Energy Group Inc. , saw its stock fall by 58 per cent in early trading Thursday morning.
Naikun's president Paul Taylor said in a statement that he is "obviously very disappointed" about the decision, but hopes B.C.'s proposed Clean Energy Act will allow other projects to go ahead.
Naikun will now consider buying other renewable energy assets to diversify its risk profile, the company said.