Saint John Energy is looking to the city for a $15-million debenture to finance its portion of the long-discussed Burchill Wind Project.
The project includes 10 wind turbines to be built in the Spruce Lake Industrial Park. It would be built in collaboration with renewable energy firm Natural Forces, which would own and service the wind farm while selling the energy back to the city’s utility.
Saint John Energy estimates the reduced energy rate would add $4 million to its bottom line each year, and they would receive the energy at a locked-in rate for 25 years.
The city’s finance committee endorsed the plan Thursday night and it will now head before Common Council.
Several councillors on the committee voted in favour of the motion, including Councillor Gary Sullivan.
“This is a great demonstration of the fact you can make money, in this case, we can save money, and help the environment at the same time,” said Sullivan. “It’s not one or the other: it’s both.”
