The Simpcw First Nation Government is among those benefitting from the second round of provincial funding from the First Nations Clean Energy Business Fund (FNCEBF).
The Simpcw First Nation is receiving $40,000 to complete the feasibility study of a run-of-river micro-hydro project.
This is an important step for the Band because; the Simpcw First Nation would potentially partner with an industry proponent and secure an equity position within the project which would benefit the community and align with its vision and long-term priorities.
“This funding accomplishes two important things: help the Province develop clean energy sources, and assist the Simpcw First Nation with their continuing economic development.” said Kamloops-North Thompson MLA Terry Lake.
The First Nations Clean Energy Business fund promotes increased First Nation participation in the clean energy sector through:
• Revenue-sharing from eligible clean energy projects based on revenues derived from water rentals and land rents.
• Equity funding of up to $500,000 for First Nations to invest in clean energy projects.
• Capacity development funding of up to $50,000 to support First Nations with feasibility studies or engagement with private sector proponents of clean energy projects.
“Aboriginal businesses and communities have a vital part to play in B.C.’s economic future and have already established themselves in our booming clean energy sector. The First Nations Clean Energy Business Fund will help them to build on that success, creating real opportunities for communities and families across the province,” said Aboriginal Relations and Reconciliation Minister Mary Polak.
The First Nations Clean Energy Business Fund was created to support First Nations and new power projects, with an initial contribution of $5 million from B.C.
The first intake of the fund was announced in July 2011, with 16 Aboriginal communities benefiting from a total of $850,000 in funding.
In this month’s second intake, five applicants will receive $30,000 each to complete their Community Energy Plans – a total of $150,000.
Nine applicants will receive $40,000 each in capacity funding to complete feasibility studies/developmental work – a total of $360,000.