It’s a big relief for Envida Community Energy.
The city-owned company was on the hook for some serious cash, in deals which it had made with the provinces Independent Electricity System Operator.
Envida had promised to build 2 ten-megawatt heat and power systems in Guelph: one downtown and the other in the Hanlon Creek Business Park.
But Envida was unable to connect enough customers to the two District Energy projects, to make expansion of the test plants, viable.
Now the financial obligations have been removed. Envida could have been on the hook for $612,000 in security deposits, and another $60 million in future capital expenses.
There was also a lease on some land in the Hanlon Business Park, but that land has now been sold to a third party for the construction of an office building.