Torys acted as counsel to National Bank of Canada as the lender in the C$32 million project financing of the 11.2 MW portfolio of wind power generation projects owned by Watts Wind II Limited Partnership located in Nova Scotia.
The portfolio included three wind projects located in the Nova Scotia
The New Glasgow - MacLellan’s Brook Wind Power Project (6.4MW)
The Barrington Wind Power Project (3.2MW) in Shelburne
The Wedgeport Wind Power Project (1.8 MW)
The portfolio represents Phase I in a 19 MW portfolio of operating wind projects owned by Elemental Energy Inc. and its community partners, Watts Wind Energy Inc. and Katalyst Wind Inc.
Construction on the projects started in the summer of 2014 and all had achieved commercial operation by April 2016 . Each project is supported by a 20-year power purchase agreement with Nova Scotia Power Inc. under the Community Feed-In-Tariff (COMFIT) program.
Further information on the projects can be found on Watts Wind’s website.
Closing of the non-recourse construction and term debt financing for the 11.2 MW portfolio of wind projects was announced on August 21, 2014.
Further information on the financing can be found on Canada Newswire’s website.
Torys acted as counsel with a team led by Scott Kraag and that included Milosz Zemanek, Jacob Weinstock, Dan Doubilet and Mike Meguid (financing) and Don Roger (real estate).
Torys also acted on the following in connection with this project: