BioNorth Energy Completes Acquisition of Fort St. James Green Energy Project

Prince George, British Columbia--(Newsfile Corp. - December 2, 2021) - BioNorth Energy Limited Partnership (BioNorth Energy) is pleased to announce it has completed its acquisition of the Fort St. James Green Energy Project located in Northern British Columbia. BioNorth Energy is a joint-venture partnership between the Arrow Group of Companies (Arrow), the Nak'azdli Development Corporation (NDC, the economic development arm of Nak'azdli Whut'en), and low-carbon infrastructure developer, Nexus Program Management Group, LLC (Nexus PMG).

The 40-megawatt biomass power generation facility, located in Fort St. James, began commercial operations in late 2017 under a 30-year electricity purchase agreement (EPA) with BC Hydro. The facility ceased operations in June 2021 with over 26 years remaining on the EPA. BioNorth Energy announced plans to take over the facility earlier this year.

"It's an exciting day for the whole BioNorth Energy team! This deal shows what's possible when industry and Indigenous communities identify meaningful opportunities and work incredibly hard together to turn ideas into reality," says Tim Bell, BioNorth Energy's President.

"Now is our time to challenge the future," continues Chief Aileen Prince of Nak'azdli Whut'en. "While many communities have minority stakes in forestry-sector projects, there are very few partnerships where an Indigenous community has a significant equity position in a multi-million-dollar project. With BioNorth Energy, Nak'azdli Whut'en has a strong voice at the table, a seat on the Board, and direct involvement in the management of forest resources within our traditional territory."

BioNorth Energy welcomes 34 employees back to work this week to complete minor recommissioning activities, and plans to have the facility back online, generating clean power for British Columbians, later this month. The company continues to work with the Province on the transfer of a 20-year forestry license to supply fibre to the facility, hoping to have this outstanding component of the acquisition completed by early 2022. Extensive recommissioning work at the facility will take place next spring.

About the Arrow Group of Companies
The Arrow Group of Companies is a leader in transportation, logistics, environmental and forest residual management. The Arrow Group is a privately owned company with a track record of success for over 102 years.

About the Nak'azdli Development Corporation
NDC was established in 1987 and represents the membership of Nak'azdli Whut'en in its economic and business interests. This includes taking a proactive role in land stewardship and resource management and identifying ways for Nak'azdli to grow and improve the well-being of community members.

About Nexus PMG
Nexus is the point where project finance, development, and operations connect. The company focuses on delivering world-class services to investors and developers on projects that reduce carbon intensity and enhance resource efficiency.

BioNorth Energy Limited Partnership is a joint venture between the Arrow Group of Companies, the Nak’azdli Development Corporation (the economic development arm of Nak’azdli Whu’ten), and Nexus Program Management Group, LLC.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8356/106356_Bionorth.jpg

Media Contact
Rebecca Johnston
Puzzlewood Communication Inc.
1.604.803.2184
rebecca@puzzlewood.ca

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106356