Sprott Power Corp. has announced a partnership with Firelight Infrastructure Partners LP to own, finance and operate a 31.5 MW wind project located near Amherst, Nova Scotia.
The project will utilize 15 of Suzlon's new S97-2.1 MW wind turbines. The project was originally acquired by Sprott Power in March and is supported by a 25-year power purchase agreement with Nova Scotia Power Inc. Construction is under way and expected to be completed in the first quarter of 2012.
Sprott Power, through its subsidiaries, will own 51% of the project and has entered into a partnership agreement with Firelight as a 49% co-equity partner to collectively invest approximately $61 million to fund the capital needs of the project. Sprott Power will play a lead role and will provide management of the project.
The partners have also announced a commitment by the Ontario Pension Board and Canada Life Assurance to provide a secured long-term non-recourse debt facility of up to $45 million in connection with the project. The debt facility was arranged by Stonebridge Financial Corp. and is subject to certain conditions and final documentation.