28 MW Nova Scotian Wind Farm Secures Project Financing

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ScotianWEB LP, a partnership between Scotian Wind Inc., Scotian WindFields Inc. and WEB Wind Energy North America Inc., now has $61.4 million of non-recourse project financing for a 28 MW wind farm in Nova Scotia.

The financing was structured and arranged by Travelers Capital Corp., acting as loan agent and security agent, and was funded by Industrial Alliance Insurance and Financial Services Inc. and Siemens Financial Ltd.

The project consists of eight separate wind facilities that will sell 100% of their output to Nova Scotia Power Inc., a wholly owned subsidiary of Emera Inc., under 20-year power purchase agreements.

‘This financing represents a major milestone in our efforts to develop community-owned renewable energy projects," says David Howell, CFO of Scotian Windfields Inc. "Not only is this financing essential for the development of this 28 MW phase, but it will allow for future renewable energy developments to proceed with preliminary work as well."

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