Calgary, Alberta-based Fortis Merchant Banking has announced it is leading a $75 million senior secured loan with AIM SOP Phase I LP, a wholly owned subsidiary of AIM Powergen Corp.
Fortis has structured, underwritten and will begin to syndicate the credit facility, a 15-year senior secured term loan, for the 40 MW AIM SOP Phase I LP wind farm. Construction of the project, located on the north shore of Lake Erie, Ontario, is complete and, therefore, the financing contains no construction risk, according to Fortis.
Ontario Power Authority has provided a 20-year power purchase agreement under the renewable energy standard offer program. The project uses Vestas V-82 turbines.
‘The AIM SOP Phase 1 LP transaction represents Fortis' commitment to the renewable energy industry in North America,’ says Brad Crilly, director of global energy at Fortis Merchant Banking. ‘We are pleased to have worked with the team at AIM and its advisors to provide a well-structured project financing.’
SOURCE: Fortis Merchant Banking
