Ventus Energy Inc., a developer of Canadian wind farm projects, has recently secured a $29 million debenture financing from Toronto, Ontario-based Wellington Financial Fund III, a privately-held specialty finance firm, to complete the construction of two wind farm projects based in Prince Edward Island. Current Ventus investors Good Energies Investment BV and VentureLink Group of Funds joined Wellington Financial on this round of financing, while Goodmans LLP and Cassels Brock acted as legal advisors.
According to Wellington Financial, once they are complete the two wind farms are expected to produce approximately 30 MW of power, which is enough electricty to power almost half of the households in Kingston, Ontario, for example.
With this new transaction, Ventus has raised over $65 million to fund the development of the projects that are expected to be completed by summer 2007. Ventus has already secured all turbines, environmental permits and power purchase agreements required to proceed with production.