Transactions
TCC arranges project financing for 24 MW wind energy portfolio in Nova Scotia
Travelers Capital Corporation is pleased to announce that it has successfully arranged $57 million of non-recourse project financing for a portfolio of four wind energy projects in Nova Scotia aggregating 24 MW (the “Projects”).
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:
| (i) | 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.; | |
| (ii) | 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.; | |
| (iii) | 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 | |
| (iv) | 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.
The non-recourse project financing was structured and arranged by Travelers Capital Corporation, acting as loan agent and security agent, and was funded by Industrial Alliance Insurance and Financial Services Inc. “Travelers Capital is pleased to have been selected by juwi to arrange the construction and long term financing for these wind Projects developed under the Community Feed-In-Tariff (“COMFIT”) Program in Nova Scotia,” said Mark Bohn, Managing Partner of Travelers Capital Corporation. “We were able to provide our client with a creative financing solution which enabled the financing to be provided by one lender for four separate legal entities.”
“juwi is proud to see many years of our development efforts culminate in this key milestone,” states Ilan Caplan, Director of Finance at juwi. “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 (listed above) as well as Firelight Infrastructure Partners and their keen industry insight and capital.”
To learn more about juwi Group and TCC, please read the full press release here.
