Regional District of Nanaimo grants consent to change lender for Cedar bioenergy facility
Regional District of Nanaimo directors have voted to enter into a consent agreement with Cedar Road Bioenergy.
Cedar Road is contracted by the regional district to collect greenhouse gas at its landfill in Cedar and convert it to electricity. The agreement is necessary for the company to change its lender to Vancity credit union.
“It’s something that the bank requires and that’s for their security, so if they’re lending money to Cedar Road Bioenergy, then that gives them security that in the event that there’s a default or some issue with their lending that they can take over operation of the facility,” said Randy Alexander, RDN general manager of regional and community utilities. “That’s RDN providing our approval, our consent that they can do that under our contract.”
Paul Liddy, Cedar Road Bioenergy managing director, said work is currently being done to solar panels at the landfill site.
“We’re also going to start to put some solar panels on the plant to carry our parisitic load – the loads that we use inside the plant to reduce the amount we get from biogas and increase the amount from solar,” said Liddy. “We’re now distributing a solar energy … panel from a company that manufactures in Yucutan (Mexico) into Canada.”
Cedar Road Bioenergy won’t be borrowing any money from Vancity for the project, said Liddy.