Travelers Capital Corporation announced June 13 that it had successfully arranged $57 million of non-recourse project financing for a portfolio of four wind energy projects in Nova Scotia, aggregating 24 MW. The projects were developed by juwi Wind Canada, which then sold its minority or majority control in each Project to Firelight Infrastructure Partners prior to construction. Several First Nations are equity partners in the facilities.
The projects consist of the following:
i) Truro Heights Community Wind Project: located near the community of Truro, the 4 MW Project is owned by Truro Heights Wind Limited Partnership, an equity partnership between the Eskasoni First Nation and Firelight Infrastructure Partners L.P.;
(ii) Millbrook Community Wind Project: located near the community of Truro, the 6 MW project is owned by Millbrook Wind Limited Partnership, an equity partnership between the Millbrook First Nation and Firelight Infrastructure Partners L.P.;
(iii) Chebucto Pockwock Community Wind Project: located in the community of Upper Hammonds Plains, the 10 MW project is owned by Pockwock Wind Limited Partnership, an equity partnership between the Chebucto Pockwock Lake Wind Field Limited, a Community Economic Development Investment Fund, and Firelight Infrastructure Partners L.P.; and
(iv) Whynotts Community Wind Project: located in the community of Whynotts Settlement, the 4 MW project is owned by Whynotts Wind Limited Partnership, an equity partnership between the Whynotts Mi’kmaq Wind Company, LTD (a company owned by and managed for the benefit of all thirteen Nova Scotia Mi’kmaq) and Firelight Infrastructure Partners L.P.
The projects will sell 100% of their output to Nova Scotia Power Inc., a wholly-owned subsidiary of Emera Inc., under 20-year power purchase agreements. The non-recourse project financing was structured and arranged by Travelers Capital Corporation, acting as loan agent and security agent, and was funded by Industrial Alliance Insurance and Financial Services Inc.