ABB_id2059
in News Departments > Projects & Contracts
print the content item

Renewable Energy Developers Inc. (ReD), formerly Sprott Power, and partner Genera Avante Holdings Canada Inc. report they have refinanced all existing long-term debt of the 62.1 MW Glen Dhu wind farm, located in Nova Scotia.

In November 2012, ReD acquired Canadian developer Shear Wind and its project portfolio, including the Glen Dhu wind farm. ReD and Genera say they have entered into a senior-secured, long-term, non-recourse debt facility of $114.7 million and have put in place a $5.9 million variable rate standby loan facility for the purpose of funding debt service reserve requirements under the debt facility.

According to the partners, the refinancing extends the maturity of Glen Dhu's debt to December 2030, aligning with the remaining term of the Glen Dhu power purchase agreement, and replaces the previous floating rate debt facility with a fully amortizing facility that bears interest at a fixed rate of 5.33%. The imputed interest cost of the prior loan was in excess of 6.0%.

In addition, the companies say the financing is expected to free up significant capital for the partners, approximately $8 million of which is attributable to ReD, thereby reducing its cost of the Shear Wind acquisition. This additional cash will be used to fund the ReD’s current contracted development projects, acquisitions and for working capital.




Hybrid Energy Innovations 2015

Trachte_id2056
Latest Top Stories

The Song Remains The Same: AWEA Says Stable Policy Can Protect U.S. Wind Investment

Although the U.S. wind industry added more than four times the amount of wind in 2014 compared with 2013, predictable policy is needed to sustain its long-term success.


High Net-Worth Investors Claim 'All Of The Above' On Energy, Renewable And Otherwise

According to a recent Morgan Stanley poll, high-dollar investors favor investment in renewable energy technologies, such as wind and solar.


U.S. Wind Power Installations Surpassed 4.7 GW Last Year, Although China Still Leads

Bloomberg New Energy Finance reports that U.S. wind installations came back in a big way from a disappointing 2013.


IRS Specifies Performance, Quality Standards For Small Wind Turbines

The Internal Revenue Service (IRS) recently issued guidelines creating safety and performance standards for small wind turbines to be eligible for the 30% investment tax credit.


Hot Times North Of The Border: Canada Tops Previous Record For Installed Wind Capacity

For the second consecutive year, Canada's wind market has bested the country's previous mark for new installations.

Hybrid Energy Innovations 2015