VANCOUVER, June 9, 2015 /CNW/ - Elemental Energy Inc. ("Elemental") and its local partners, Watts Wind Energy Inc. ("Watts") and Katalyst Wind Inc. ("Katalyst"), are pleased to announce achievement of commercial operation on their 11.2 megawatt ("MW") Watts Wind II Limited Partnership portfolio of community wind projects in Nova Scotia.
The projects have 20-year power purchase agreements with Nova Scotia Power Inc. under the Community Feed In Tariff (COMFIT) program. Elemental invested equity while Watts provided local community investment and Katalyst originated and developed the projects.
"We are thrilled to have achieved commercial operation on time and on budget", said Graeme Millen, Director of Project Investments at Elemental Energy. "These community projects are an excellent addition to Elemental's growing portfolio of operating renewable energy projects".
The portfolio was constructed using a skilled team of primarily local contractors, engineers and construction managers. The projects use 1.6MW GE (NASDAQ: GE) wind turbines and senior debt financing was provided by National Bank of Canada (TSE: NA).
Elemental has also reached an agreement with Watts and Katalyst to construct, own and operate a second phase of community wind projects in Nova Scotia. These projects are expected to achieve commercial operation by the end of 2015.
About Elemental Energy Inc. (Elemental)
Elemental is an active investor, developer, and owner of renewable energy projects throughout North America, with interests in wind, solar and hydro projects. Elemental provided equity financing for the Watts Wind II LP projects.
About Watts Wind Energy Inc. (Watts Wind)
Watts Wind is an independent power producer and Community Economic Development Investment Fund (CEDIF) comprised of over 200 community investors in Nova Scotia. Watts Wind has been awarded over 35MW of wind energy contracts under the Nova Scotia COMFIT Program.
About Katalyst Wind Inc. (Katalyst)
Katalyst is a developer of wind energy projects. Katalyst led the greenfield development of the Watts Wind Energy COMFIT portfolio.
SOURCE Elemental Energy Inc.
Image with caption: "Elemental Energy Inc. (CNW Group/Elemental Energy Inc.)". Image available at: http://photos.newswire.ca/images/download/20150609_C3399_PHOTO_EN_17763.jpg
For further information: Graeme Millen, Director of Project Investments, Elemental Energy Inc., Tel: 604 648 6621, Email: [email protected]