MONTREAL, March 11, 2013 /CNW Telbec/ - Enerfin Energy Company of Canada
Inc, a wholly-owned subsidiary of the Spanish infrastructure developer
Elecnor Group, has announced today that the C$250 Million Senior
Secured Construction and Term Loan Facility for its L'Érable Wind Farm
project located in Québec (Canada) has been awarded as the 2012 North
American Wind Deal of the Year by Project Finance Magazine.
«We are very proud to have received this important award» said Guillermo
Planas, CEO of Enerfin while at the Project Finance 2012 Deal of the Year Awards Dinner, held in New York City. «It means the best recognition to
the quality of the project and the uniqueness of the financing
structure in a difficult economic environment».
The Project Finance Awards - started 14 years ago - value different aspects such as innovation,
deal repeatability, best practice, problem solving, risk mitigation,
value for money and speed of delivery in the financing of
infrastructure projects. Since the liquidity crunch of 2008, it judges
all deals in the context of the lending climate at the time of
financial close, whilst also considering repeatability of deal
structure in the new climate. Each year, an average of 300 to 350 deals
are reviewed and vetted via a weighting system by a panel of
journalists from Project Finance Magazine and independent industry
The L'Érable financing reached financial close in May 2012. National
Bank Financial Inc. and Sun Life Assurance Company of Canada acted as
co-underwriters, with the final lending syndicate comprised of leading
Canadian institutional investors that includes Sun Life Assurance
Company of Canada (lead lender), The Manufacturers Life Insurance
Company, The Great-West Life Insurance Company and Industrielle
Alliance, Assurance et Services Financiers Inc. National Bank Financial
Inc. is acting as administrative agent for the lenders.
This financing is notable for being a fully underwritten and syndicated
unrated private placement for a Canadian wind farm financing and also
the first for a Canadian investment dealer on this style of placement.
The long-term, amortizing senior debt financing fully covers the
construction and operations period (door-to-door tenor of approximately
Currently under construction, the 100 MW l'Érable Wind Farm is located
in the municipalities of St-Ferdinand, Ste-Sophie-d'Halifax and
St-Pierre-Baptiste, halfway between Montréal and Québec City. The
project will generate renewable energy for approximately 30,000
households and electricity 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 Enercon's new manufacturing facility in Matane (Quebec). The
project is scheduled to be completed in fall of 2013.
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 Elecnor Group: Elecnor is one of the main Spanish groups dedicated to project
management and infrastructure development and is an active investor in
renewable energy and concessions in fields such as high voltage
transmission networks, gas pipelines and environmental projects. The
Elecnor Group has a presence in more than 30 countries in America,
Europe, Africa and the Middle East. With more than 12 000 employees,
the Group achieved a turnover of more than US$ 2 500 M. in 2012 and is listed in the Spanish Stock Exchange.
SOURCE: Éoliennes de l'Érable
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