Brookfield Renewable Energy Partners announced November 6 that it has completed a US$175.6 million private placement bond for financing its 45-MW Kokish River hydroelectric project, HydroWorld.com has learned.
The Kokish River hydropower plant, which gained approval from Canada's Department of Fisheries and Oceans in May, will be located in the northern part of Vancouver Island.
Brookfield and its partner, the Namgis First Nation, say the senior bond has an interest rate of 4.45% and is fully amortizing over its 41-year term. The bonds are rated A with a stable trend by DBRS. Scotia Capital Inc. acted as the deal's sole private placement agent.
Power generated at the plant will be sold under a 40-year power-purchase agreement with BC Hydro. Brookfield says it expects Kokish River to enter commercial operation in 2014.