Eolectric Inc. and Fiera Axium Infrastructure Inc. say they have completed the equity financing of the Vents du Kempt wind farm through a new investment fund, Eolectric Club LP.
The purpose of Eolectric Club LP is to invest in wind energy projects throughout Canada. Eolectric Club's investors are Eolectric Inc., Industrial Alliance Insurance and Financial Services Inc., and Fiera Axium Infrastructure Canada Limited Partnership.
The investment fund will pursue the development, construction and operation of the 101.2 MW wind farm, representing a total construction cost of approximately C$340 million. Eolectric Club LP holds a 51% interest in Vents du Kempt Wind Power LP, and Fiera Axium Infrastructure Canada Limited Partnership holds a 49% interest.
The Vents du Kempt wind farm comprises 44 2.3 MW wind turbines and will be built in the municipalities of Causapscal and Sainte-Marguerite-Marie in the municipal regional county of MatapÃ©dia, Quebec.
The project has a 20-year power purchase agreement with Hydro-Quebec as a result of Eolectric's successful bid in the 2005 call for tenders for 2 GW of wind power.
Construction on the project will begin this fall, and commercial operation is scheduled to start on Dec. 1, 2014.