Potentia Renewables Inc. and Greengate Power Corp. have closed financing for their Paintearth Wind project, which is currently under construction in Alberta, Canada.
The project, located 40 km southeast of the Stettler, will have an installed capacity of 190 MW using 38 Siemens Gamesa wind turbines.
KfW IPEX-Bank, together with Canadian Fédération des Caisses Desjardins du Québec, will provide the project with C$250 million in construction and operational financing.
The project is owned 75% by Potentia and 25% by Greengate. It is part of Potentia’s portfolio of nearly 1 GW of new renewable energy projects operating or in construction in western Canada. It is the third wind energy project successfully developed in partnership with Greengate.
“We are pleased to announce the long-term financing for the Paintearth Wind project, which has a 15-year renewable power purchase agreement with a subsidiary of Microsoft Corp.,” says Ben Greenhouse, Potentia’s CEO. “We thank our development partners, Greengate, and our investors for their support and look forward to delivering energy from this project to the Alberta grid in 2024.”
Osler, Hoskin & Harcourt LLP acted as legal counsel to Potentia and Greengate during the transaction, with Blakes, Cassels and Graydon LLP acting on behalf of the lenders.