Canadian developer Capstone Infrastructure has closed a C$55.1m non-recourse project financing for the 18MW Grey Highlands Clean wind farm in Ontario.
The loan carries an annual interest rate of 2.89% for the first three years and 3.12% for years four and five. It is scheduled to amortize over 18 years.
The Grey Highlands Clean scheme is part of a 66MW five-project feed-in tariff portfolio that features Senvion MM92 2.05MW turbines.
The provincial Independent Electric System Operator will buy the electricity under 20-year agreements.
Quebec-based general contractor Construction Energie Renouvelable is building the projects.
Capstone commissioned the 10MW Grey Highlands ZEP in February and expects to power up the 18MW Ganaraska scheme this quarter. Construction is under way at Grey Highlands Clean and 10MW Snowy Ridge.
The 10MW Settlers Landing wind farm has been held up by an unfavorable ERT ruling.
The tribunal allowed an appeal in part over habitat impacts and has directed the parties to propose remedies. A hearing is scheduled the week of 18 April.
On the corporate front, regulators have approved a C$480m takeover of Capstone by a UK-based investment fund.
The price reflects a 61% premium to the closing share price on 23 November, when Capstone announced a strategic review with help from RBC Capital Markets and TD Securities.
Irving Infrastructure, a subsidiary of iCON Infrastructure Partners III, is buying all Capstone’s common shares at C$4.90 each.
Shareholders also approved the deal, which is expected to be completed by early May.
Image: Capstone’s Erie Shores wind farm in Ontario (Capstone)
