Yellowknife asks for US$10.9m in funding for geothermal heating project
To develop the Con Mine geothermal project, a geothermal district heating project in the Canadian North West Territories, the city of Yellowknife is asking for a grant and loan of a total of US$10.9m.
The Canadian city of Yellowknife in the North West Territories is “set to ask for $11 million toward the Con Mine geothermal project.”, so local news.
“City Council approved a plan Monday night to ask the Federation of Canadian Municipalities’ “Green Municipal Fund” for a 1-million dollar grant and a low-interest, 10-million dollar loan.
Councillors seem to like the idea, and Mark Heyck says the federation is already familiar with the project.
“From helping to fund the initial plan several years ago, to helping to fund the feasibility study, which has sort of led us to this point now, and so I’m optimistic that this project will be well-received by the “Green Fund’.”
The geothermal project proposes to use energy from Con Mine to heat at least 39 buildings in downtown Yellowknife by 2016.
Mayor Gord Van Tighem says the $11 million would help solidify the city’s business plan as it seeks to attract investor interest in the project.
If the application is approved, the city would have to hold a plebiscite and get voter approval before it could borrow the money.
Van Tighem says they will send out the application, and expect a response from the Green Fund by March.”
Source: HQ Yellowknife