Torys acted as counsel to CIBC as lender in the refinancing of the 27 MW St. Lawrence Wind Project on the Burin Peninsula, Newfoundland and Labrador following its acquisition by Elemental Energy Inc.
On March 10, 2020, Elemental Energy Inc. (“Elemental”) announced the successful acquisition of both the St. Lawrence and the Fermeuse wind projects from EGPNA REP Wind Holdings, LLC.
Further information on the acquisition can be found in Elemental’s Energy’s press release.
The St. Lawrence Wind Project is one of the two operating wind farms in Newfoundland and Labrador, and the province’s first commercial wind farm. It consists of 9 Vestas V90/3000 3 MW turbines, generating enough electricity to support the needs of 7,000 households.
The project is located 5 km northwest of Saint Lawrence, a small town on the southern coast of Newfoundland.
Construction of the St. Lawrence project started in 2007 and it achieved commercial operation in November 2008. Power generated by the project is sold to Newfoundland and Labrador Hydro under a 20-year power purchase agreement.
Further information on the project can also be found on Elemental Energy’s website.
Torys acted as counsel with a team that included Scott Kraag, Milosz Zemanek, Simon Williams and Keton Motta Freeman (refinancing).
Torys also acted on the following in connection with this project: