City of North Vancouver has paid over $2.5 million to a private company for loss and legal charges related to the agreement between Lonsdale Energy Corporation and Corix Utilities.
A district energy system, LEC circulates hot water through a network of underground piping and mini-plants to heat the buildings that are connected to its system. Corix utilities is a private company that works with municipalities to provide field metering services.
Under the terms of the agreement, Corix provided, installed and maintained the boilers, central control system and energy meters that form part of LEC’s hydronic heat distribution system in the Lower Lonsdale Service Area.
In 2014, Corix commenced arbitration proceedings to resolve a dispute related to the final purchase price of certain assets. Since the arbitral award, LEC has paid $2,526,188.39 in full to satisfy all obligations to Corix remaining under the agreement, confirmed Ben Themens, the director of Lonsdale Energy Corporation.
The agreement between Lonsdale Energy Corporation and Corix contains a confidentiality clause that does not expire until after December 31, 2018. LEC, however, chose to remove the confidentiality clause in the spirit of transparency and accountability so that this information could be made public, according to a media statement released on the website.
A district energy system, LEC circulates hot water through a network of underground piping and mini-plants to heat the buildings that are connected to its system
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