Canfor Pulp Announces $100 Million Green Transformation Program Project Approval
Nov. 29, 2010 (Press Release) - Canfor Pulp Income Fund (the "Fund") announced [Nov. 26] that Canfor Pulp Limited Partnership (the "Partnership"), in which the Fund has a 49.8% ownership, has received approval from the Canadian federal government for funding of its $100 million capital project to upgrade the recovery boiler at its Northwood Pulp Mill in Prince George, British Columbia.
The project is planned for completion in the fourth quarter of 2011 and is expected to provide economic and environmental benefits to the Partnership's operations.
On October 9, 2009, the Canadian federal government announced the allocation of credits from the billion dollar Pulp and Paper Green Transformation Program (the "Program"). The Partnership was allocated credits up to $122.2 million from the Program. The Program is designed as a reimbursement of funds to be spent on qualifying energy and environmental capital projects. Credits may be used until the program end date of March 31, 2012.
The Partnership has previously received program approval to proceed with two other qualifying projects totalling $15.6 million.
SOURCE: Canfor Pulp Income Fund