Beothuk Energy Inc. (BEI), headquartered in St. John’s, Newfoundland and Labrador (Canada), has recently announced that it has retained Jacob Securities Inc. (JSI) of Toronto to identify project financing for BEI’s previously announced demonstration offshore wind park.
JSI is Canada’s leading investment dealer focused on the renewable energy sector. In the past seven years, JSI has raised in excess of $7 billion for power projects spanning the complete asset class, including offshore wind.
BEI’s plans include developing, owning and operating a portfolio of large-scale offshore wind energy projects in the Atlantic Provinces and northeastern United States. This arrangement with JSI of the project equity and project debt financing will help to fast track the growth of the Canadian offshore wind energy sector. JSI’s involvement will be alongside a consortium of industry leading companies with whom BEI has partnered. Its first project will be a 180 MW offshore wind farm in St. George’s Bay, Newfoundland.
JSI’s Chairman and CEO, Sasha Jacob, said:
“We are pleased to be working with BEI. The offshore wind energy market is a rapidly growing sector. Raising project equity and debt for this project is consistent with our focus on raising capital for high quality projects in North America and globally.”
BEI’s President and CEO, Kirby Mercer, said:
“We consider JSI’s participation to be an important statement of confidence in BEI’s development, operation, and management of our offshore wind energy projects. Atlantic Canada and the northeastern United States are key areas of growth for offshore wind and we look forward to working with all of the partners to develop this untapped resource. We are currently pursuing Power Purchase Agreements in multiple jurisdictions.”
BEI also announced that it has formally applied for a Licence and Land Use Authorization through the Federal Department of Public Works and Government Services under the Federal Real Property and Federal Immovables Act. The application includes the area in St. George’s Bay, Newfoundland.