VANCOUVER, May 15, 2014 /CNW/ - Travelers Capital Corporation is pleased to announce that it has successfully arranged $61.4 million of non-recourse project financing for a 28 MW wind project in Nova Scotia (the "Project") for SCOTIANWEB LIMITED PARTNERSHIP, a partnership between Scotian Wind Inc. ("SWI"), Scotian WindFields Inc. ("SWFI") and WEB Wind Energy North America Inc. ("WEB N.A."). The Project consists of eight separate wind facilities that will sell 100% of their output to Nova Scotia Power Inc., a wholly-owned subsidiary of Emera Inc., under 20-year power purchase agreements.
The non-recourse project financing was structured and arranged by Travelers Capital Corporation ("TCC"), acting as loan agent and security agent, and was funded by Industrial Alliance Insurance and Financial Services Inc. and Siemens Financial Ltd. "Travelers Capital is pleased to have been selected to arrange the construction and long term financing for this unique wind project in Nova Scotia and support our clients long term investment strategy in the renewable energy sector with their first major investment in Canada", said Mark Bohn, Managing Partner of Travelers Capital Corporation.
"The project financing is a major step forward in WEB's delivery of clean wind energy to Nova Scotia and North America. We particularly want to thank the project lenders for their confidence in ScotianWEB's outstanding team. We will continue to bring value to our shareholders while delivering to our customers a value driven energy that is clean, cost effective, and reliable" added Detlef Krollpfeiffer, Chief Executive Officer of WEB N.A.
"This financing represents a major milestone in our efforts to develop community owned renewable energy projects. Not only is this financing essential for the development of this 28 MW phase, but it will allow for future renewable energy developments to proceed with preliminary work as well" added David Howell, CFO of Scotian Windfields Inc.
About Travelers Capital
Travelers Capital Corporation is a specialized financial services company that offers structured debt and project finance solutions along with financial advisory services to developers in the renewable energy sector with a focus on middle market transactions up to $100 million or more in size.
Additional information on Travelers is available on the company's website at www.travelerscapital.com.
WEB Wind Energy North America Inc. (WEB N.A.) is a wholly owned subsidiary of WEB Windenergie AG (WEB AG). WEB AG is a publicly traded Austrian-based renewable energy company with experience in complete life cycle wind energy development and operation. WEB AG has been involved in planning, developing, financing, constructing and operating renewable energy projects in Austria, Germany, France, Italy, Czech Republic and Canada. At December 31, 2013 WEB AG operated and had 100% ownership of 189 wind energy plants, some of which have been in operation for 17 years. Comprising a total capacity of more than 280MW, WEB AG is seeking to grow its core business within Europe and North America. WEB AG adds significant value to the project team through their exceptional experience in the wind energy industry as well as their financial capabilities with their group of more than 3,500 shareholders and access to project financing.
Additional information about WEB is available on the company's website at www.windenergie.at
About Scotian Windfields Inc.
Scotian WindFields Inc ("SWFI") is an innovative renewable energy corporation based in Nova Scotia that provides integrated solutions scaled to suit all energy needs. Formed by the collaboration of regional community WindFields, SWFI is uniquely situated to work directly with communities to help them enjoy the benefits of renewable resources. SWFI represents the next stage in renewable energy development. Formed by community energy proponents to encourage local ownership, SWFI is uniquely poised to work with Nova Scotians to develop the abundant renewable energy resources of this province.
Additional information about SWFI is available on the company's website at www.scotianwindfields.ca
About Scotian Wind Inc.
Scotian Wind Inc. ("SWI") was formed to be the COMFIT eligible entity, to raise local investment in community-based wind energy projects and to assist in the community engagement part of the development process. SWI has obtained Community Economic Development Fund ("CEDIF") status as part of this process. SWI is currently owned by a broadly distributed group of over 300 shareholders in Nova Scotia, which includes six other CEDIF entities.
SOURCE: Travelers Capital Corp.
For further information: Mark Bohn, Managing Partner, Travelers Capital Corporation, Phone: + 1.604.637.7989 or email: [email protected]; Detlef Krollpfeiffer, Chief Executive Officer, WEB N.A., Phone: + 126.96.36.1991; David Howell, Chief Financial Officer, Scotian Windfields Inc., Phone: 1.902.790.0111