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,”
– 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.