TORONTO (June 10, 2020) Potentia Renewables Inc. (Potentia) today announced that it has closed the purchase of an indirect interest in a 67 MW portfolio of operating renewable energy projects consisting of 3 Ontario ground-mount solar projects totaling 43 MWdc and 4 Nova Scotia operating wind farms totaling 24 MW.
The assets are in regions of Canada where Potentia has other operating assets. The transaction increases the overall Potentia portfolio to almost 550 MW of renewable assets in Canada, the United States and Dominican Republic that are operating and under construction. Potentia also has over 300 MW of wind projects that were awarded long term contracts in Albertas most recent tender. These projects will move into construction after the Golden South 200 MW wind project is commissioned.
The portfolio was indirectly purchased from Dream Asset Management Corporation (Dream) who were represented by Osler, Hoskin & Harcourt LLP.Borden Ladner Gervais LLP acted as counsel for Potentia. Stonebridge Financial Corporation (Stonebridge) acted as financial arranger providing additional portfolio financing from a group of institutional lenders, including Stonebridge managed investment accounts. Potentia would like to thank Dream, the lawyers and Stonebridge for working through the closing in difficult circumstances.
This transaction is another important step for Potentia as we add accretive solar and wind operating assets to our rapidly growing portfolio. said Jeff Jenner, Chief Executive Officer of Potentia Renewables Inc. Despite market turmoil, Potentias team remains poised to efficiently execute on our ambitious acquisition and development growth strategies.
Potentia Renewables Inc., a wholly owned subsidiary of Power Energy Corporation, 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 industry experience of our team, Potentia has become a leading renewable energy provider, and is ideally positioned for continued substantial growth.