VANCOUVER, Aug. 21, 2014 /CNW/ - Elemental Energy Inc. ("Elemental") and its community partners, Watts Wind Energy Inc. and Katalyst Wind Inc., closed non-recourse construction and term debt financing for the 11.2 megawatt ("MW") Watts Wind II Limited Partnership portfolio of wind projects in Nova Scotia. National Bank of Canada (TSX:NA) is the sole lender on the CAD $30 million transaction which was completed on July 31 2014.
The portfolio includes three wind projects located in the Nova Scotia communities of New Glasgow (6.4MW), Barrington (3.2MW), and Wedgeport (1.8MW). The projects have 20-year power purchase agreements with Nova Scotia Power Inc. under the Community Feed In Tariff (COMFIT) program. Elemental Energy is providing sponsor equity to construct and operate the projects.
"The execution of these projects with our development and community partners adds to our growing portfolio of renewable energy projects across North America", said Jamie Houssian, Principal of Elemental Energy.
The 11.2MW portfolio represents Phase 1 of a total of 35 megawatts of approved community wind projects. Construction started on the projects in the summer of 2014 with commercial operation expected in March 2015.
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About Elemental Energy Inc. (Elemental)
Elemental is an active developer, investor and operator of renewable energy projects, with interests in hydro, wind, and solar projects throughout North America. Elemental provided sponsor equity financing for the Watts Wind II LP projects.
Additional information about Elemental is available here: www.elementalenergy.ca
About Watts Wind Energy Inc. (Watts Wind)
Watts Wind is an independent power producer and Community Economic Development Investment Fund (CEDIF) comprised of over 200 community investors in Nova Scotia. Watts Wind has been awarded over 35MW of wind energy contracts under the Nova Scotia COMFIT Program.
Additional information about Watts is available here: www.wattswind.com
About Katalyst Wind Inc. (Katalyst)
Katalyst is a developer of wind energy projects. Katalyst led the greenfield development of the Watts Wind Energy COMFIT portfolio.
SOURCE Elemental Energy Inc.
Image with caption: "Elemental Energy Inc. (CNW Group/Elemental Energy Inc.)". Image available at: http://photos.newswire.ca/images/download/20140821_C1449_PHOTO_EN_5010.jpg
Jamie Houssian, Principal, Elemental Energy Inc., Tel: 604 648 6682, Email: jamieh@elementalenergy.caCopyright CNW Group 2014