Stonebridge Financial Corporation (“Stonebridge”) is pleased to announce the closing of a $114.7 million, 17.5-year debt refinancing of the 62.1 MW Glen Dhu wind farm located in Pictou County, 40 km east of New Glasgow, Nova Scotia (the “Project”).
The Project is owned by Glen Dhu Wind Energy Limited Partnership (the “Borrower”), which is indirectly owned 49% by Renewable Energy Developers Inc. (“ReD”), formerly Sprott Power Corp, and 51% by Inveravante Inversiones Universales SL of Spain.
The Project consists of 27 Enercon E-82 2.3 MW wind turbines with a 12-year Enercon Partner Konzept Agreement, which includes all Enercon warranty, maintenance and service for the turbines, and the turbine foundations. All power produced by the Project is sold to Nova Scotia Power Inc. under a 20-year power purchase agreement at a rate of $96.95/MWh. The Project has been in full operation since June 2011.
Stonebridge arranged a syndicate financing with participants including Siemens Financial Ltd, The Canada Life Assurance Company, The Great-West Life Assurance Company, Industrial Alliance Insurance and Financial Services Inc., Business Development Bank of Canada and Stonebridge Infrastructure Debt Fund I L.P.
Cam Di Giorgio, Vice President, Structured and Project Financing at Stonebridge commented, “We are delighted to have arranged and structured yet another successful debt financing with ReD. This project has further strengthened the existing relationship between Stonebridge and ReD and we look forward to working with their team again in the future”.
Andrew Ingram, Chief Financial Officer at Renewable Energy Developers Inc. commented, “We are pleased to have completed the refinancing of the Glen Dhu project with Stonebridge. The new agreement fully protects the project from rising interest rates, provides us with additional cash and increases the internal rate of return on the project. We appreciate the efforts of Stonebridge’s team in this matter and look forward to working with them again in the future”.
Stonebridge Financial Corporation is a specialized financial services company with a proven reputation and expertise in arranging and structuring debt financings for syndication in the Canadian institutional marketplace, with a focus in the energy, infrastructure, and health care sectors. Stonebridge has arranged and syndicated over $2.5 billion of project debt financing.
Stonebridge Infrastructure Debt Fund I Limited Partnership (the “Fund”) is a closed-end fund developed with the support of PPP Canada Inc. with capital commitments for the Fund totaling approximately $200 million being provided by the Business Development Bank of Canada and a group of Canadian pension funds. The Fund provides its institutional investors with access to investment grade, Canadian Private Debt Market assets, with long-term, predictable cash flows and premium returns over comparable government bond yields.