SkyPower Wind Energy Fund Completes Additional Financing For Terrawinds Facility

NAW Staff, Tuesday 05 December 2006 - 01:00:00

SkyPower Wind Energy Fund LP, the common share investor of Toronto-based SkyPower Corp., has announced that Terrawinds Resources Corp. closed the extension of its project debt financing for its wind energy facility near Riviere-du-Loup, Quebec.

The financing consists of a new $130 million turbine supply loan underwritten by HSH Nordbank AG (HSHN), a Canadian-based renewable energy developer that recently acquired a minority stake in SkyPower Corp. (See "Wind Developer Stake Acquired.")

According to the companies, the loan will be used to replace the existing $26 million turbine supply loan SkyPower entered into with HSHN on Aug. 1, 2006, and will fund the balance of the progress payments due under the turbine supply agreement for turbines delivered in 2006. Terrawinds continues to work with HSHN for an underwritten senior secured construction and term debt facility for up to approximately $300 million to fund the balance of the construction costs.


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