A project to build a hydropower station and pedestrian bridge at the weir in Saskatoon is likely a go.

The city and the Saskatoon Tribal Council are close to reaching a formal agreement on the project, which would see the weir restored in addition to the hydropower station and pedestrian and cyclist bridge.

“The benefits of this initiative will be felt across the Saskatoon region and we are delighted to have the Saskatoon Tribal Council as a partner to make it a reality,” said Kevin Hudson, the manager of sustainable energy for the city-owned Saskatoon Light & Power.

City officials estimate the project could produce enough energy to run up to 3,500 homes. They hope to see it complete by 2021.

The project would come with a price tag between about $62 million and $65 million — most of which is expected to be funded by the tribal council and private-sector partners.