Elecnor completes financing for wind power project in Québec
MONTREAL, May 14, 2012 /CNW Telbec/ - Enerfin Energy Company of Canada Inc, a wholly‐owned subsidiary of the Spanish Group Elecnor, has announced today the successful closing of a $250 Million Senior Secured Construction and Term Loan Facility for its 100 megawatt ("MW") l'Érable Wind Farm project in Quebec (Canada), currently under construction.
National Bank Financial Inc. and Sun Life Financial acted as co‐underwriters for the financing. The final lending syndicate is comprised of leading Canadian institutions: Sun Life Financial, The Manufacturers Life Insurance Company, The Great‐West Life Assurance Company and Industrielle Alliance, Assurance et services financiers inc. National Bank Financial will act as agent for the lenders.
"We are proud to achieve closure on the financing and to be long‐term partners on this important project with such significant lenders", said Guillermo Planas, Managing Director of Enerfin Spain and President of Éoliennes de l'Érable, the company that owns the wind farm. "This is our first wind project in Canada, and we consider the closing of this long term financing with 100% Canadian lenders a sign of trust in our Group, our project and our socio‐environmental commitment. It inspires us to undertake new projects in this great country."
The 100 MW l'Érable Wind Farm will generate renewable energy for approximately 30,000 households. This energy will be delivered to Hydro‐Quebec Distribution under a 20 year Electricity Supply Contract. The project consists of 50 Enercon E‐82 wind turbines that will be supplied, in part, from its new manufacturing facility in Matane (Quebec). Enercon has already supplied more than 600 MW of wind turbines for Enerfin in Spain and Brazil, developing a strong relationship with the Group Elecnor over more than 10 years. The project is scheduled to be completed within 18 months.
Enerfin's wind farm credentials and experience in the development of more than 1,200 MW of wind power enabled lenders, as well as Hydro‐Quebec and local Quebec entities, to support this project. Enerfin's know‐how, environmental commitment, and technological excellence have been internationally recognized winning them several prestigious industry awards.
About the Group Elecnor:
Elecnor, a company based in Madrid (Spain), develops the integral management of projects and infrastructures, and is an active investor in renewable and high voltage transmission networks, gas pipelines and environment projects. The Group Elecnor, with a presence in more than 20 countries and 11,000 employees, achieved a turnover of more than 2.5 billion $ in 2011 and is listed in the Spanish Stock Exchange. The main activities of the Group Elecnor are power generation and transmission, renewable energy, networks and infrastructures, environment, telecommunications and aero‐space.