Potentia Renewables Inc. and Greengate Power Corp. have secured a US$250 million financial close through a loan for the development of its Alberta wind farm joint venture.
Potentia and Greengate are building the 190 MW Paintearth wind farm in central Alberta, about 40 kilometers south of Stettler in Canada. The project, which has 38 turbines, began its construction phase in 2022 and is expected to be operational before the end of 2024. Potentia, a subsidiary of Montreal-based Power Corp., controls 75% of the project, with Greengate of Calgary owning the other 25%.
Desjardins Group is providing half of the financing, offering Potentia and Greengate a swap feature designed to decrease interest-rate risks while also rewarding them with cash in exchange for satisfying environmental, social, and governance performance targets. According to the Montreal-based financial cooperative, the arrangement is unique in North America.
Germany’s KfW IPEX-Bank is providing the remainder of the financing.
