The City of Kimberley is no longer looking to sell its award-winning SunMine.
The municipality announced last year it was in search of a buyer for BC’s largest solar project as it tries to address much needed infrastructure upgrades.
However, Mayor Don McCormick says some things recently came to light that would prevent any real benefit from selling the asset right now.
He explains they discovered the $2 million dollar loan they took out to cover their share of the $5.3 million SunMine can only be paid back at the 10 year mark.
So if they were to sell the solar project, the money would have to stay in a reserve.
McCormick says the City doesn’t have the cash to expand the one megawatt solar sit, so it will look to partner with an investor who can.
He adds they are required to develop the SunMine as per their agreement with BC Hydro or they will lose it.
The Mayor suggests the City will continue to own its single megawatt, and a partner wouldn’t have to purchase their share but rather just invest the additional $2-3 million to push the SunMine to the needed second megawatt.
The City’s goal is to avoid burdening taxpayers with maintaining the facility.
McCormick calls the new plan a win-win situation for any potential investor and the City of Kimberley.
– Kimberley Mayor Don McCormick