Stonebridge Financial Corporation (“Stonebridge”) is pleased to announce the closing of a $23.45 million, long term fixed-rate debt facility for Mukwaa Inc., which is wholly owned by the Batchewana First Nation of Ojibways (“BFN”), in support of its ownership and equity investment in the Bow Lake Wind Farm project (the “Project”). Funding of the debt facility was provided by Siemens Financial Ltd.
The 58.32 MW Project, co-owned and sponsored by BluEarth Renewables Inc., consists of 36 1.6 MW wind turbine generators located within BFN territory 80 km north of Sault Ste. Marie, Ontario. Construction of the Project began in January 2014 and is expected to be completed by the fall of 2015.
The Batchewana First Nation of Ojibways is a First Nations community located on the north-eastern corner of Lake Superior and the St. Mary’s River area. BFN manages several economic development ventures that range from renewable energy initiatives, including wind and solar power generation, to sustainable agriculture initiatives.
Siemens Financial Ltd., a subsidiary of Siemens AG, offers a variety of financing solutions to support the growth of companies operating in the Canadian energy, infrastructure and natural resources sectors. Siemens offers project and structured finance solutions such as senior debt, holding company loans, leases and junior capital solutions.
Stonebridge is a specialized financial services company with proven expertise in arranging and structuring debt financings for syndication in the Canadian institutional marketplace, with a focus on the energy, infrastructure and health care sectors.