Stonebridge Financial Corporation (“Stonebridge”) is pleased to announce the completion of a $45 million project financing for the 31.5 MW wind power project located near Amherst, Nova Scotia (“Amherst Project”). The Amherst Project is owned by SP Amherst Wind Power LP, a partnership between Sprott Power Corp. (“Sprott Power”) and Firelight Infrastructure Partners L.P. (“Firelight”).
The debt facility arranged by Stonebridge, and funded by The Great-West Life Assurance Company and Ontario Pension Board, provides non-recourse, construction and long-term take-out financing for the Amherst Project. Construction of the project commenced in May 2011, and is expected to be completed in the first quarter of 2012.
“We are pleased with the financial terms arranged and delivered by Stonebridge, including the twenty year fixed interest rate for the duration of the loan. The terms were below our original budget and will enhance the expected return on the equity for the partners,” said Jeff Jenner, President and CEO of Sprott Power.
Cam Di Giorgio, Vice President, Structured and Project Financing at Stonebridge said “We are very proud of our involvement in this transaction with both Sprott Power and Firelight, and in helping to bring this project to fruition. We have successfully arranged project financing for the first Suzlon wind turbines in Canada, and in particular, for the first Suzlon S97 model turbines in North America”.
Stonebridge Financial Corporation is a specialized financial services company with a proven reputation and expertise in structuring financings for syndication in the Canadian institutional marketplace. Stonebridge prides itself on providing project and structured debt financing, with a focus in the energy, infrastructure, and health care sectors. Stonebridge has arranged over $2.1 billion of project debt financing.