July 20, 2016 | Rocky Mountain News Goat | Evan Matthews
Memorandum of Understanding (MOU) regarding the proposed geothermal industrial park in Valemount now exists between Borealis Geopower and the Valemount Community Forest.
Alison Thompson, a principal with Borealis Geopower — also the chair and co-founder of the Canadian Geothermal Energy Association — says the Community Forest’s interest in the Cedarside property is what makes the site so attractive.
Borealis Geopower is a company working toward enabling geothermal power and heat production as a major player in the Canadian energy market, according to its website.
“We’re trying to work with the players involved to get something off the ground (at Cedarside),” says Thompson. “We know Valemount is an ideal geothermal location.”
In an interview with Silvio Gislimberti, Valemount’s economic development officer, The Goat was told that MOUs are an indication of where things are going, but the agreement is subject to change.
Thompson shared the thought, as she acknowledges the MOU as an indication, but added it’s a legally binding document and a formal agreement.
However, neither would not elaborate on what the MOU actually outlines, only saying, “It’s a private document between two companies.”
What would the ownership breakdown between Borealis and the Village of Valemount actually look like?
Carlos Salas, vice president of energy for Geoscience B.C., says ownership of geothermal energy is the same as any other resource.
Ownership of the resource would depend on who has the rights, Salas says, and ownership of those rights would be outlined on the development permit and tenure system.
However, the Cedarside property sits outside the village’s perimeter, which means any development permit must be applied for through the regional district, according to Valemount’s CAO, Mark Macneill.
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P Squared Renewables Inc.