Canadian geopower plant progressing steadily

P Squared entered into a letter of intent with Borealis and its shareholders that sets out the basic terms and conditions pursuant to which it is intended that P Squared and Borealis will complete a business combination. The Proposed Transaction is intended to be the Qualifying Transaction of P Squared pursuant to the Policies of the TSX Venture Exchange.

Seismic Program
Borealis has initiated its Passive Seismic Reservoir Characterization program at the Canoe Reach Energy Project, one of the final steps in the pre-drilling evaluation of the project. Passive seismic is a technique that uses seismometers to detect subsurface structures including faults and fractures without the use of man-made external stimuli. This tool has been used since the 1970’s in delineation of the subsurface geothermal structures in Iceland and California, and is most effective when used in conjunction with the additional exploratory methods exercised by Borealis. “This is a first for geothermal exploration in Canada” stated Craig Dunn, chief geologist for Borealis, “and represents a milestone in the development of Canada’s first commercial Geothermal Heat and Power Plant.”

“This is an exciting development for Borealis and P Squared. Canadians have enthusiastically endorsed recent National and Provincial government initiatives for the domestic development of renewable power sources as important contributors to the future energy mix. We are pleased to provide public investors a means of participating in Canadian-focused renewable energy projects such as the Canoe Reach Energy Project” states Shabir Premji, Executive Chair of P Squared.



Borealis GeoPower
Borealis is a renewable geothermal energy company with its head office in Calgary, Alberta. Borealis will access heat from geothermal wells to produce renewable power and heat. Borealis presently has two geothermal energy projects in British Columbia, both of which are in the exploration stage and are drill bit ready with a high-level confidence for a multi-phase rollout. These projects have been identified and explored, with active community engagement, using Borealis’, innovative, non-invasive exploration strategy and proprietary methodology.

Borealis’ flagship project is the Canoe Reach Energy Project located near Valemount, British Columbia where Borealis intends to build a 15 MW geothermal power plant. Borealis plans to sell the power to BC Hydro as well as sell power and heat to local customers. As part of the Canoe Reach Energy Project, Borealis intends to also build "Sustainaville", a geothermal energized commercial "Geo-Park" that will offer geothermal renewable power and heat alternatives along with the ability to grow a diversified local economy supporting food, forestry, mining, tourism and community district heating. Borealis’ other project is the Lakelse Lake Energy Project located near Terrace, British Columbia that is being developed in conjunction with Borealis’s First Nations partner. Borealis has a 49% interest in this Project. The plans for this Project include a 15 MW power plant and an associated Geo-Park for Greenhouse operations.

For more information:
www.psquaredrenewables.com

Publication date:



Receive the daily newsletter in your email for free | Click here


Other news in this sector:


Sign up for our daily Newsletter and stay up to date with all the latest news!

Subscribe I am already a subscriber