BluYear in Review – 2015
This year has been a monumental year for BluEarth; among other notable achievements, we accomplished our goal of becoming a billion dollar company! 2015 has been a year of considerable change, with BluEarth increasing its focus on operations. In one year we have transitioned from fewer than 30 megawatts (MW) to 153 MW and have gone from two operating facilities to 10. Some of the other highlights include:
- BluEarth’s major shareholder, Ontario Teachers’ Pension Plan, acquired the majority of the outstanding shares of the company, reaffirming their confidence in our team and our ability to continue to meet our aggressive growth targets.
- As a flagship project, our team started and completed construction on our first Alberta wind project – the 29 MW Bull Creek Wind Project. A distinguishing trait of this project is that the power from Bull Creek will be sold to 26 of Alberta’s school boards.
- In partnership with the Batchewana First Nation, our team completed construction on the 58 MW Bow Lake Wind Project in Ontario. This project is one of the largest Aboriginal-wind developer partnerships in the country.
- Our team completed construction of the 15 MW run-of-river Culliton Creek Hydro Project in Squamish First Nation territory in B.C., with the full support of the Squamish Nation. This project was completed on-time and on-budget, despite challenging seasonal variations of extreme drought and torrential rains throughout construction.
- BluEarth completed the acquisition of 30 MW of solar projects in Ontario. Through our operations subsidiary, BluEarth Asset Management, our team is now operating these projects.
- We completed the acquisition of the operational 9.3 MW Tyson Creek Hydro Facility, as well as the 33 MW Narrows Inlet Hydro Project. The Tyson Creek facility has been operating since 2010, while construction of the Narrows Inlet Project will start in 2016.
- We continued to build our incredible team of problem solvers, leaders and great people – today we are 48 of the most successful and experienced people in our industry.
This year our team continued to demonstrate that we are resilient in the face of exceptional change within our company and industry. From accounting to operations, almost every function of our company has increased in complexity as a result of the exceptional growth we have seen since we first opened our doors just five short years ago.
The year ahead will be just as challenging and rewarding as we continue to focus on the acquisition, development, construction and operation of renewable energy projects both inside and outside of Canada. In the next five years, we’re actively targeting $1.5 billion of development, including new acquisitions of projects and facilities and continued development of our existing portfolio. As we continue along this trajectory, we will continue to uphold our foundational values and ensure we find the right balance among people, planet and profit in every decision and action.
As we close 2015, I would like to thank Kent Brown and Jim Pinter who have left the executive team in pursuit of other personal goals. I’m pleased that both continue to contribute their knowledge and experience to BluEarth as we move forward. Their vision and entrepreneurial spirit, along with the other founders of the company, set the solid foundation that we will continue to build on.
It’s been an honour and a privilege for me to lead the team this year and into this next phase of growth as we continue to grow this great company. On behalf of the entire executive team, let me take this opportunity to personally thank everyone, including our partners, landowners, neighbours, and of course our great team and their supportive families, for their contributions in making BluEarth successful and wish each and every one of you and your families a very Merry Christmas, and a healthy and happy New Year!