Elemental seals NS project financing

Developer Elemental Energy and its community partners have closed non-recourse construction and term debt financing for the 11.2MW Watts Wind II Limited Partnership portfolio of wind projects in Nova Scotia.

National Bank of Canada is the sole lender for the C$30m ($27.4m) transaction.

The projects located in the Nova Scotia communities include New Glasgow (6.4MW), Barrington (3.2MW) and Wedgeport (1.8MW).

They have 20-year power purchase agreements with Nova Scotia Power under the Community Feed In Tariff (COMFIT) program.

Elemental Energy, whose partners are Katalyst Wind and Watts Wind Energy, is providing sponsor equity to construct and operate the projects.

The 11.2MW portfolio represents the first phase of a total of 35MW of approved community wind projects. Construction started this summer with commercial operation expected in March 2015.