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KfW IPEX-Bank finances wind farm in the Canadian province of Québec
Frankfurt am Main (ots) -
- Green electricity for more than 10,000 homes - Export of state-of-the-art technology from Germany: Manufacturer Enercon to supply wind turbines of the type "E 92" outside Europe for the first time - KfW IPEX-Bank provides loan together with institutional investors
KfW IPEX-Bank is supporting the construction and operation of the Canadian Vents du Kempt wind farm (VdK). Two institutional investors - The Manufacturers Life Insurance Company and Caisse de Dépôt et Placement du Québec - are also involved in the financing. The total investment volume of the project, which is being carried out by the Canadian company Eolectric Club, L.P. and Fiera Axium Infrastructure Canada Limited Partnership, is more than CAD 300 million (approx. EUR 240 million). The loan agreements were signed last week.
Markus Scheer, member of the Management Board of KfW IPEX-Bank, described the project as forward-looking and commented the successful financial closing as follows: "VdK is a trend-setting project in two respects and we, as a bank, are very pleased to support it. For one, this financing represents one of the first long-term financing structures offered to a Canadian wind farm that combines both funds from institutional investors and bank facilities. For another, our long-standing client Enercon will supply its state-of-the-art E-92 wind turbines for the first time outside Europe."
VdK is being built in the province of Québec in the eastern part of Canada. With an installed capacity of 101 MW the wind farm is to supply more than 10,000 regional homes with green energy from the end of 2014. The German company Enercon of Aurich, one of the world's leading wind turbine manufacturers, will be responsible for the erection and commissioning of the turbines and assume their maintenance for 15 years. It is planned to install altogether 43 wind turbines of the new-generation Enercon E-92 series with a capacity of 2.35 MW each. The renewable power will be sold to Hydro-Québec, the provincial electric utility of Québec, which signed a 20-year power purchase agreement with the project company.
In 2011 KfW IPEX-Bank had already taken a lead role within an international consortium of banks in the financing of the construction and operation of the Seigneurie de Beaupré wind farm, also located in Québec. Here, too, the 126 wind turbines were supplied by the German manufacturer Enercon.
About KfW IPEX-Bank GmbH
KfW IPEX-Bank GmbH is responsible for international project and export finance within KfW Bankengruppe. Its function of providing financing to support the German and European economy is derived from the legal mandate of KfW Bankengruppe. Its prime focus is on medium and long-term lending to support the export economy and develop economic and social infrastructure, and for environmental and climate protection projects. KfW IPEX-Bank GmbH operates as a legally independent group subsidiary and plays a major role in fulfilling the promotional mission of KfW Bankengruppe. It has around 590 employees and is represented in the key economic and financial centres around the globe.
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: E-Mail: Thomas.Krick@kfw.de
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