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EPUD Receives Final Dam Payment

January 12, 2012

Eugene, Ore. – In December of 2010, the EPUD Board of Directors voted unanimously to sell EPUD interests in Dorena Hydro, LLC, and Fall Creek Hydro, LLC.  The sale came after a three-year effort by EPUD and Symbiotics Energy Corporation to build power-generating facilities on the existing dam structures at Dorena and Fall Creek dams.  The LLC was not going to be able to take advantage of government incentives on the project due to EPUD’s involvement.
          

“We felt this sale was good for our Customer-Owners,” said Frank Lambe, EPUD General Manager.  “EPUD will retain the right to purchase power from the facilities in the future, should need demand, while avoiding up-front costs and other risks.”

Symbiotics, a U.S. subsidiary of Toronto-based Riverbank Power, paid $1.8 million for EPUD’s interest in the Dorena project on June 29, 2011, but failed at the time to make the agreed upon payment for the Fall Creek Project.  Riverbank Power signed a court document in September of 2011 agreeing to pay the first $100,000 within five days, but the payment was never received.

On Friday January 5, 2012, Emerald People’s Utility District (EPUD) received the final payment for the Fall Creek project.  EPUD recouped all investments made on the project plus interest, fees, and legal costs, totaling $722,239.71.

EPUD continues to retain the first right of refusal to purchase the facility and/or the power it generates in the future.

“We are pleased to have this sale completed.  EPUD Staff worked diligently to recoup all costs for our Customer-Owners,” said Lambe.  “EPUD is committed to securing low-cost power generation to support the long-term growth of our District, and Dorena and Fall Creek can still help us achieve this goal.”

 

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