Elemental Energy announces financial close for 11.2MW Community Wind Portfolio in Nova Scotia
Elemental Energy Inc. and its community partners, Watts Wind Energy Inc. and Katalyst Wind Inc., have closed non-recourse construction and term debt financing for the 11.2 MW Watts Wind II Limited Partnership portfolio of wind projects in Nova Scotia.
National Bank of Canada is the sole lender on the CAD $30 million transaction which was completed on July 31 2014.
The portfolio includes three wind projects located in the Nova Scotia communities of New Glasgow (6.4MW), Barrington (3.2MW), and Wedgeport (1.8MW). The projects have 20-year power purchase agreements with Nova Scotia Power Inc. under the Community Feed In Tariff (COMFIT) program.
Elemental Energy is providing sponsor equity to construct and operate the projects. Jamie Houssian, Principal of Elemental Energy stated:
The execution of these projects with our development and community partners adds to our growing portfolio of renewable energy projects across North America.
The 11.2MW portfolio represents Phase 1 of a total of 35 MW of approved community wind projects. Construction started on the projects in the summer of 2014 with commercial operation expected in March 2015.
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