Chilliwack – The Cascade Skyline Gondola Project (CSGP) announced the team at Doppelmayr, the world’s leading manufacturer of cable cars and ski lifts, has been given the go ahead by their Board for a financing package totaling more than up to 22 Million EURO (~ $29 Million CDN) in financing. This in addition to the equity investment being considered thru the Funis Fond, adds up to more than $60 Million out of the +$80M CAPEX of the Cascade Skyline Gondola Project or potentially 70-75% of the total cost.
CSGP received proposed detailed finance terms from Doppelmayr this week and the next steps for confirming the entire package are underway. It is expected that the package and its details will be finalized within the next 60-90 days. This is a very significant step in the project’s timeline. The project at this point is more than adequately financed.
NOTE – there are many legal and permit hurdles still to come. This does NOT mean the project has received any green light to proceed.
“We have been working with the Cascade Skyline Gondola proponents for some time and we are very enthusiastic about the potential of this project, that we have offered financing terms to the proponents. This is one of the only handful of projects in North America that we have done that for which is a testatment to our belief that this project is of significant value to the community and has long term sustainability and viability”, said Brent Carmichael, General Manager, Doppelmayr Canada.
“Doppelmayr and Funis Fund partners were here visiting Chilliwack in February as part of their due diligence on the project. They met with Cheam Nation Chief Andrew Victor, Skowkale Nation Chief Mark Point, Skwah Nation Councillor Eddie Gardener, Chilliwack Mayor Ken Popove, Agassiz Mayor Sylvia Pranger and many other stakeholders and supporters in Chilliwack. What they heard was a resounding message of support for the project that allowed them to take this next very important step,” said, Jayson Faulkner, President of Cascade Skyline Gondola Project.
The, CSGP is a Pelólxw led project and it is one of only 5 projects in the world and the only one in North America to receive this vote of confidence from Doppelmayr. It is recognition of the unique opportunity that the eco tourism, cultural tourism project represents for the community and for the First Nation partners.
“We’re thrilled expressions of support and investor interest have also been received from many other stakeholders, and among the First Nations – Skwah, Kwa Kwa Apilt, and other stakeholder FNs”, added Faulkner.
For more information on the Cascade Skyline Gondola visit: https://cascadeskyline.com/