in News Departments > Projects & Contracts
print the content item

Wind energy developer EarthFirst Canada Inc. has received an underwriting commitment for a C$212 million senior secured credit facility from WestLB AG Toronto Branch and WestLB AG New York Branch (collectively WestLB). The proceeds from this credit facility will be used to partially fund the 144 MW Dokie I project, which is entering into its construction phase.

The proposed credit facility is composed of two tranches consisting of a C$197 million construction phase plus 17-year term tranche and a C$15 million, extendible seven-year working capital/debt service reserve tranche.

As part of its mandate, WestLB may also arrange a C$55 million construction phase plus 20-year term fixed-rate tranche with institutional lenders, which would then reduce the C$197 million tranche to C$142 million.

The proposed facility is anticipated to close on or before May 15. WestLB intends to syndicate the facility in the near future. The proposed facility is subject to customary conditions precedent for transactions of this nature.

The 144 MW Dokie I wind power project is located approximately 150 kilometers southwest of Fort St. John in the Peace River Region of British Columbia. EarthFirst expects to install the first eight wind turbines during 2008 and the remaining 40 wind turbines during 2009.



Trachte Inc._id1770
Latest Top Stories

Senate Passes Tax Extenders Bill With Wind PTC Extension

The legislation, which passed in the U.S. House earlier this month, will renew the critical production tax credit through the end of 2014 - giving developers only about two weeks left to start construction.


Transmission Study Shows Nebraska Could Handle A Lot More Wind Power

A new report released by the Nebraska Power Review Board finds that the state already has enough infrastructure to accommodate at least 2 GW of additional wind generation.


Can Wind Energy And Birds Coexist? Environmental Group Says Yes

The Environmental Defense Fund, a supporter of responsible wind energy development, points out ways to help mitigate impacts of turbines on birds and bats.


Another Study Finds Wind Turbines Do Not Affect Nearby Property Values

Research conducted by the University of Guelph focused on regions in Ontario, and the conclusion echoes that of previous studies.


Too Little, Too Late? U.S. House Approves Wind PTC Extension

The U.S. House of Representatives has passed a tax extenders package that would renew the wind production tax credit (PTC) and about 50 other expired tax breaks through 2014. The wind industry argues the short-term fix is virtually no fix at all.

Hybrid Energy Innovations 2015