Nova Scotia projects seal financing
Travelers Capital says it has successfully arranged C$57m ($52.48m) of non-recourse project financing for a portfolio of four community wind projects in Nova Scotia totaling 24 MW.
Travelers, based in Vancouver, British Columbia, also acted as loan and security agent. The package was funded by Industrial Alliance Insurance and Financial Services Inc.
The projects were developed by juwi Wind Canada under Nova Scotia’s Community Feed-In-Tariff (COMFIT) program. Prior to construction, Juwi has sold its interest in each project to Toronto-based Firelight Infrastructure Partners.
The projects are:
*Truro Heights Community Wind Project, 4MW. It is partly owned by the Eskasoni First Nation;
*Millbrook Community Wind Project, 6MW. It is partly owned by the Millbrook First Nation;
*Chebucto Pockwock Community Wind Project, 10MW. It is partly owned by the Chebucto Pockwock Lake Wind Field Limited, a Community Economic Development Investment Fund;
*Whynotts Community Wind Project:, 4MW. It is partly owned by Whynotts Wind Limited Partnership, an equity partnership partly owned by the Whynotts Mi’kmaq Wind Company (formed by all 13 Nova Scotia Mi’kmaq.)
“Travelers was integral in completing this complex transaction and bringing Industrial Alliance to the opportunity,” says juwi Canada Finance Director Ilan Caplan.