April 18, 2023
Potentia Renewables Inc. and Greengate Power Corporation are pleased to announce the close of financing for their Paintearth Wind project currently under construction in Alberta, Canada. The project is owned 75 percent by Potentia and 25 percent by Greengate. The Paintearth Wind project is part of Potentia’s portfolio of almost one gigawatt of new renewable energy projects operating or in construction in Western Canada. It is the third wind energy project successfully developed in partnership with Greengate.
KfW IPEX-Bank, together with Canadian Fédération des Caisses Desjardins du Québec, will provide the project with C$250 million in construction and operational financing. Paintearth Wind will have an installed capacity of 190 MW using 38 wind turbines from Siemens Gamesa Renewable Energy. The project is located 40 kilometers southeast of the Town of Stettler.
“We are pleased to announce the long-term financing for the Paintearth Wind project, which has a 15-year renewable power purchase agreement with a subsidiary of Microsoft Corp. This project will support the transition to a cleaner, more resilient energy system. We thank our development partners, Greengate, and our investors for their support and look forward to delivering energy from this project to the Alberta grid in 2024,” said Ben Greenhouse, Potentia’s CEO.
“It has been a pleasure working with Potentia on this important project. Our long-time partnership with them has been very successful, with Paintearth Wind now being the third wind energy project successfully developed together. With construction underway and financing now in place, we’re excited for Paintearth Wind to soon begin producing clean electricity,” said Dan Balaban, Greengate’s CEO.
Osler, Hoskin & Harcourt LLP acted as legal counsel to Potentia and Greengate during the transaction, with Blakes, Cassels and Graydon, LLP acting on behalf of the lenders.
Potentia Renewables Inc., a wholly owned subsidiary of Power Sustainable Capital, is a fully integrated developer, owner, and operator of renewable energy assets. Potentia benefits from strong financial support from its shareholder for acquisitions and large project initiatives. With an investor committed to our long-term success and the significance, combined with the industry experience of our team, Potentia has become a leading renewable energy provider and is ideally positioned for continued substantial growth.
For more information, visit www.potentiarenewables.com.
Power Sustainable Capital is a global multi-platform alternative asset manager with a long-term investment approach focused on sustainable strategies. It has offices in Montréal, Toronto, Shanghai, Beijing and New Jersey. Power Sustainable is comprised of three platforms: the Pacific platform invests in the China equity markets, seeking high-quality, sustainable business models with a fundamentals-based, research-driven investment process; the Energy Infrastructure platform invests in the development, construction and operations of renewable energy infrastructure assets in North America; and private equity investments in Lion Electric and Lumenpulse. The company leverages its investment capabilities and those of its partners to build projects of significance that benefit the planet, assure steady growth, and create long-term value. Power Sustainable is a wholly owned subsidiary of Power Corporation of Canada.
For more information, visit www.powersustainable.com.
Greengate is a privately held renewable energy company based in Calgary, Alberta, with a proven track record of developing precedent-setting renewables projects in Canada. Since 2007, Greengate has successfully developed close to 1.5 GW of operating or in-construction renewable energy projects, including Canada’s largest wind and solar energy projects. Altogether, these projects represent over $2 billion of investment and are expected to produce enough clean electricity to power more than 500,000 homes. Greengate is focused on the development of renewables and next-generation net-zero projects in Alberta and beyond, as it aims to continue playing a leading role in the global energy transition.
For more information, please visit www.greengatepower.com.
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