Deer Point Developments

News Updates

FortisBC/ Terasen Gas Investment
After 3.5 years of negotiations and work towards approval CSDC is proud to announce that on December 21, 2011 the  FortisBC partnership on the Mt. Hayes Liquefied Gas Storage Facility has been signed off. With this deal CSDC has acquired a 7.5% ownership stake in the Mt. Hayes Liquefied Gas Storage Facility by making an investment of $5.7 million. The $200 million facility was built to hold 1.5 billion cubic feet of liquefied natural gas providing a safe, reliable supply of natural gas for Vancouver Island and the mainland especially meeting higher demands during winter months without relying on out-of-province storage. “Stz’uminus First Nation continues to build and value our strong relationship and partnership with FortisBC. Our investment in the liquefied natural gas facility will create economic prosperity and benefits for our community’s future,” said Chief John Elliott, Stz’uminus First Nation. The agreement results in significant revenue of about $26 million (-$8 million loan payback) for the band over the next 50 years. Construction at the site began three years ago, and the facility came into service late 2011. Click here for the Fortis BC/ Terasen Legacy Brochure. *Since March 2011 FortisBC is the common brand name for the Terasen group of companies and FortisBC Inc.