A community wind partnership led by Elemental Energy LLC, has closed C$30 million nonrecourse construction and term debt financing for the 11.2 MW Watts Wind II limited partnership portfolio of wind projects in Nova Scotia.
According to Elemental, the portfolio includes three wind projects located in the Nova Scotia communities of New Glasgow (6.4 MW), Barrington (3.2 MW) and Wedgeport (1.8 MW).
The 11.2 MW portfolio represents Phase 1 of a total of 35 MW of approved community wind projects. Construction started on the projects in summer 2014, with commercial operation expected in March 2015. The partnership includes Watts Wind Energy Inc. and Katalyst Wind Inc.
The projects have 20-year power purchase agreements with Nova Scotia Power Inc. under the community feed-in tariff program. Elemental Energy says it is providing sponsor equity to construct and operate the projects.
National Bank of Canada was the sole lender in the July 31 transaction.