| Type | Public company |
|---|---|
| Traded as | TSX-V: ROR |
| Industry | Electric generation |
| Genre | Independent Power Producer |
| Founded | 2005 |
| Headquarters | Delta, British Columbia, Canada |
| Key people | Richard Hopp, President & CEO |
| Total assets | C$33.24m |
| Subsidiaries | Northwest Cascade Power Rockford Energy Corp. Sea to Sky Power Corp. Pacific Northwest Biomass Corp. |
| Website | www.runofriverpower.com |
Run of River Power or ROR Power (TSX-V: ROR) is a Canada-based energy company. It develops renewable, sustainable energy through its portfolio of run-of-river and biomass projects in British Columbia.
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In June 2005, Run of River listed on the TSX Venture Exchange 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.[1]
This project was awarded a 20-year power purchase agreement in BC Hydro's 2001 Call for Green Energy Projects.[2] Construction work was carried out in less than one year by Ledcor Power and the project was commissioned in May 2005.[3] Capital costs were originally estimated at $11m, but additional fish studies and agreements with local government and First Nations inflated costs to $14m.[4]
Annual revenues have been estimated at roughly $2.2m for a total of “around $50 million” over 20 years.[5] However, according to a 2008 report, Run of River’s Brandywine project is “money-losing”.[6]
A 40-year PPA was awarded to Run of River Inc. in 2008 Call.[7][8] Current plans call for construction of the $94m project to begin in 2012 and commissioning in Jan 2014.[9]
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.[10] Capital costs were estimated at $350m.[11]
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.[12] 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.[13][14]