Nova Scotia project wins financing

Travelers Capital Corporation says it has structured and arranged C$61.4m ($56.5m) in non-recourse financing for a 28MW community wind project in the Canadian province of Nova Scotia.

Travelers, based in British Columbia, also acted as loan agent and security agent for the transaction.

The project is being developed by a partnership consisting of WEB Wind Energy North America, Scotian Wind and Scotian WindFields.

The project has a 20-year agreement to sell all power to provincial electric utility Nova Scotia Power.

"This financing represents a major milestone in our efforts to develop community owned renewable energy projects.  Not only is this financing essential for the development of this 28 MW phase, but it will allow for future renewable energy developments to proceed with preliminary work as well," says David Howell, chief financial officers of Scotian Windfields.