Peace River Energy Project
Vendor Registration
The Peace River Energy Project will be issuing a RFP for construction vendors in the summer of 2024. If your business is interested in working with Peace Energy Cooperative and the Peace River Energy Project, please submit your business details via this registration form.
Peace River Energy Project receives AUC approval!
The Peace Energy Cooperative (PEC) Board of Directors is writing to you with an exciting update on the Peace River Energy Project (PREP).
We are thrilled to announce a significant milestone: On March 19, 2024, the Spring Equinox, PREP received official approval from the Alberta Utilities Commission (AUC) to proceed with the construction of the project! This approval comes as a beacon of positivity after navigating through a challenging winter marked by uncertainty due to the Alberta moratorium on renewable energy projects, including PREP.
Thanks to our dedicated project team, volunteer Board, and project partners, we have achieved remarkable progress over the past year. With the confidence gained from the AUC's approval, we are now proceeding with the next phase of our journey.
As we approach the upcoming launch of PEC’s Investment Share Offering, we wanted to provide you with an update on the progress of PREP and the steps we are taking to move forward.
Member investment in the PEC’s Investment Share Offering is made possible by the detailed securities document called an Offering Memorandum (OM). This document outlines all the details of the investment and protects members from the potential risks of an investment like this. To fulfill the remaining requirements before the Investment Share Offering launch in the summer of 2024, we are embarking on several crucial initiatives.
These include updating PEC’s financial statements to comply with the International Financial Reporting Standard (IFRS) which is a requirement of our OM under Canadian securities regulation, enhancing PREP’s financial model projections with the support of our newly appointed fractional Chief Financial Officer (CFO), and progressing with the detailed design and engineering of PREP's construction plans.
Additionally, we will be soliciting responses to a construction Request for Proposal (RFP) to select the best equipment and construction contractor for the project. Concurrently, we will be finalizing all documentation necessary for the Investment Share Offering launch in June 2024.
Earlier this year, we planned to launch the Investment Share Offering in February. However, the IFRS requirement for the OM and the AUC moratorium on project approvals has delayed the launch until June.
With the support of our fractional CFO, the project team is ensuring that all financial decisions are being made with prudence and to maximize benefits for our members, investors, community, and environment.
We invite you to stay informed and engaged as the Peace River Energy Project continues to progress toward our Investment Share Offering for our members.
Should you have any questions, please do not hesitate to reach out to us at prep@peaceenergy.ca. Your membership, involvement, and future investment are invaluable to us, and we are immensely grateful for your continued support.
Thank you for your attention and dedication to our shared vision of a cleaner, more sustainable future.
Sincerely,
Peace Energy Cooperative
Board of Directors
Project Overview
The Peace River Energy Project: A cooperatively-owned, grid-tied utility-scale solar farm in the Peace River Region of Alberta slated for construction in 2024.
- Western Canada’s first cooperatively financed, owned & operated utility-scale solar farm, reducing greenhouse gas emissions and providing pollution-free energy to the local grid.
- Local job creation and economic diversification in the green energy sector. Our priority is local hiring and local training. • Community participation and pride through local ownership of renewable energy infrastructure.
- Sustainable agricultural practices that honour the water, land and biodiversity, generally referred to as “agrivoltaics” are prioritized and integrated within the facility.
- A financial return on investments is expected.
- PREP will be the first of many. It will create a template for other community-owned utility-scale renewable energy projects.
Technical Summary
- Location: Northwest Alberta one kilometer west of the Town of Peace River on private agricultural grazing land. 25-year land lease with first right to extend is secured.
- Technology: Utility grid-tied single-axis tracking solar PV.
- Revenue Strategy: power sold into the free market grid and renewable attributes sold on secondary market.
- Approx size: 4.99 Megawatts (MW ac); ~12,000 solar modules
- Generating: ~10 GWh/yr avoiding ~5,000 tonnes CO2e per year, powering the equivalent of ~ 1,200 homes per year
- Surface area: ~15 hectares (37 acres) of land
- Approx. cost: $11 million
- Scheduled build date: estimated start of construction - spring 2024, operational date - winter 2024
- Jobs: ~50 direct and indirect during 8 month construction, 3-5 permanent
- Operational lifetime: 35 years
New Investment Partnership
Please read the PREP INC MEDIA RELEASE from Peace Energy Cooperative regarding our new investment partnership that brings community-owned solar one step closer to reality.
Left to right - Stephen McKay (Secretary); Keith Anderson (Treasurer); Greg Dueck (Vice President); and Adam Mildenberger (President).
PREP Open House a Big Success!
Our Peace River Energy Project open house at the Peace River Airport on May 4th was a great success! Over 50 people attended with lots of interest from the community, local councillors and nearby residents. There were many good questions to answer and a very positive attitude towards our solar farm project. Happily, we had many inquiries about how to invest in the project! Simple: become a member! Now, on to the next milestone: applying to the Alberta Utilities Commission for final approvals!”
(group photo by Emily Plihal, open house photo by Don Pettit)
