Calgary, Canada-based developer BluEarth Renewables has closed nonrecourse construction and term debt financing for the 29 MW Bull Creek Wind Power Project – its first in Alberta.
According to BluEarth, the National Bank of Canada and ATB Financial provided C$71 million in term funding.
The power from Bull Creek will be sold to several of Alberta's school boards through agreements with Alberta schools and assistance from the Alberta Schools Commodities Purchasing Consortium (CPC). The CPC ran a competitive process to select a renewable power developer to provide members with an option for a long-term affordable source of renewable energy. BluEarth was selected as the partner to develop a project to meet their requirements.
Construction of the 17-turbine project, located 20 kilometers northeast of Provost, Alberta, started in June.