TORONTO (April 6, 2022) – Potentia Renewables Inc. (Potentia) is proud to have closed five unique, long term, non-recourse project financings for each of its Stirling, Wheatland, Jenner 1, Jenner 2 and Jenner 3 Wind Energy Facilities currently under construction in Alberta. This milestone is another major step in Potentia’s $1.5 billion capital deployment for almost one Gigawatt of new renewable energy currently being built in Western Canada.
KfW IPEX-Bank GMBH (KfW), will provide the Projects with approximately $600M in construction and operational financing. Jenner 1, 2 and 3 will have a total installed capacity of around 305MW from 55 wind turbines from the German manufacturer Enercon. The projects are located north of the village of Jenner and east of the town of Brooks.
The Stirling and Wheatland wind farms will have a total installed capacity of 243MW from 47 wind turbines supplied by Siemens Gamesa Renewable Energy, based in Spain. Stirling is located northeast of the village of the same name, and Wheatland wind farm, sits southeast of the town of Drumheller.
“We are very pleased to have entered into these fixed-rate, long term financings. Jenner 1, Jenner 2 and the Stirling wind farms each have 20-year power purchase agreements with the AESO under the Government of Alberta’s Renewable Electricity Program, while the two other projects will sell their energy to an energy trading firm and their and environmental attributes to two local Alberta businesses. We believe these financing structures are certainly unique for the renewable energy industry in Canada,” said Pierre-Olivier Perras, Chairman of Potentia.
The project financing in each case is covered by the Danish export credit insurance EKF and/or Euler Hermes. Osler, Hoskin & Harcourt LLP acted as legal counsel to Potentia during the transaction, with Blakes, Cassels and Graydon LLP acting on behalf of the lenders.
About Potentia Renewables
Potentia Renewables Inc., a wholly owned subsidiary of Power Sustainable Capital, is a fully integrated developer, owner, and operator of renewable energy assets. Potentia benefits from strong financial support from its shareholder for acquisitions and large project initiatives. With an investor committed to our long-term success and the significant, combined with the industry experience of our team, Potentia has become a leading renewable energy provider, and is ideally positioned for continued substantial growth. For more information, visit www.potentiarenewables.com
About Power Sustainable Capital
Power Sustainable Capital is a global multi-platform alternative asset manager with a long-term investment approach focused on sustainable strategies. It has offices in Montréal, Toronto, Shanghai, Beijing and New Jersey. Power Sustainable is comprised of three platforms: the Pacific platform invests in the China equity markets, seeking high-quality, sustainable business models with a fundamentals-based, research-driven investment process; the Energy Infrastructure platform invests in the development, construction and operations of renewable energy infrastructure assets in North America; and private equity investments in Lion Electric and Lumenpulse. The company leverages its investment capabilities and those of its partners to build projects of significance that benefit the planet, assure steady growth, and create long-term value. Power Sustainable is a wholly owned subsidiary of Power Corporation of Canada. For more information, visit www.powersustainable.com