Beothuk Energy Inc. (BEI) has retained Toronto-based Jacob Securities Inc. (JSI) to identify project financing for the company's 180 MW offshore wind pilot project, located in St. George's Bay, Newfoundland.
JSI is an investment dealer focused on the renewable energy sector. In the past seven years, JSI has raised more than $7 billion for power projects spanning the complete asset class, including offshore wind.
BEI's plans include developing, owning and operating a portfolio of large-scale offshore wind energy projects in the Canadian Atlantic provinces and northeastern U.S. This arrangement with JSI for the project equity and project debt financing will help to fast-track the growth of the Canadian offshore wind energy sector.
JSI's involvement will be alongside a consortium of industry leading companies with whom BEI has partnered. Lastly, BEI applied for a licence and land use authorization through the Federal Department of Public Works and Government Services under the Federal Real Property and Federal Immovables Act.