Travelers Capital arranges Project Financing for 24 MW wind portfolio in Nova Scotia

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Travelers Capital arranges Project Financing for 24 MW wind portfolio in Nova Scotia

Travelers Capital Corporation has successfully arranged CAD$57 million of non-recourse project financing for a portfolio of four wind energy projects in Nova Scotia aggregating 24 MW.

The Projects were developed by juwi Wind Canada and sold its minority or majority control in each Project to Firelight Infrastructure Partners prior to construction. The projects consist of the following:

  • Truro Heights Community Wind Project: located near the community of Truro, Nova Scotia the 4 MW Project is owned by Truro Heights Wind Limited Partnership, an equity partnership between the Eskasoni First Nation and Firelight Infrastructure Partners L.P.;
  • Millbrook Community Wind Project: located near the community of Truro, Nova Scotia the 6 MW Project is owned by Millbrook Wind Limited Partnership, an equity partnership between the Millbrook First Nation and Firelight Infrastructure Partners L.P.;
  • Chebucto Pockwock Community Wind Project: located in the community of Upper Hammonds Plains, Nova Scotia the 10 MW Project is owned by Pockwock Wind Limited Partnership, an equity partnership between the Chebucto Pockwock Lake Wind Field Limited, a Community Economic Development Investment Fund, and Firelight Infrastructure Partners L.P. and
  • Whynotts Community Wind Project: located in the community of Whynotts Settlement, Nova Scotia the 4 MW Project is owned by Whynotts Wind Limited Partnership, an equity partnership between the Whynotts Mi'kmaq Wind Company, LTD (a company owned by and managed for the benefit of all thirteen Nova Scotia Mi'kmaq) and Firelight Infrastructure Partners L.P.

The Projects will sell 100% of their output to Nova Scotia Power Inc., a wholly-owned subsidiary of Emera Inc., under 20-year power purchase agreements.

lan Caplan, Director of Finance at juwi, stated:

juwi is proud to see many years of our development efforts culminate in this key milestone. Travelers was integral in completing this complex transaction and bringing Industrial Alliance to the opportunity. We are all especially fortunate to work with excellent community partners/owners as well as Firelight Infrastructure Partners and their keen industry insight and capital.

Travelers Capital Corporation is a specialized financial services company that offers structured debt and project finance solutions along with financial advisory services to developers in the renewable energy sector with a focus on middle market transactions up to $100 million or more in size.

juwi Group was founded in 1996 by two entrepreneurs in Wörrstadt, Germany. The privately held juwi Group has more than 18 years of experience developing, financing, building and operating renewable energy projects. Since 1996, the juwi Group has overseen the installation of over 150 wind projects, totaling more than 1,450 MW of operating capacity, and over 1,500 solar photovoltaic installations, totaling more than 1,200 MW of operating capacity.

Firelight Infrastructure Partners is a Canadian partnership that invests in North American renewable energy projects including wind, hydro and solar. Firelight partners with experienced developers to provide the capital necessary to develop, construct and operate high quality renewable energy projects. It has an operational portfolio of 150 MW and an additional 130 MW in development and/or under construction.

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