The Peace River (Solar) Energy Project (PREP) is being put on hold as PREP Inc. searches for a developer to move the proposed solar farm forward.
The project faces a significant financial hurdle. Alberta’s electricity system requires an upfront payment of about one million dollars to upgrade overhead power lines and accommodate the increased capacity needed for the project’s substation.
The entire solar farm is estimated to cost roughly 10 million dollars—funding PREP Inc. does not currently have.
The organization says it has been actively seeking a potential buyer or development partner, but so far, there have been no serious inquiries.
PREP says uncertainty surrounding renewable energy projects in Alberta, along with discussion about the province potentially separating from Canada, may be contributing to weaker investor interest.
For now, the project is on hold until investment conditions improve.
PREP says members will be kept informed as the path forward develops.
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