Work was done towards a power purchase agreement with Borealis. It was realized that a power purchase contract would be quite complex and timely to negotiate. In order to facilitate Borealis’s discussion

with financing partners like Husky Energy and one other large energy player, we gave them a term sheet which provided a 25-year contract at the marginal cost of diesel, committing customers to 25 years of diesel rates that was indexed to inflation of diesel. Borealis took this term sheet but was unable to find a partner to complete this $16 million dollar project. Our due diligence, through a third-party consultant, had the project cost at about $21 million, despite the federal government pledging $7 million towards the project.