Torys acted as counsel to CIBC as lender in the refinancing of the 27 MW Fermeuse Wind Project on the Avalon Peninsula in 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 Fermeuse Wind Project is the second of the two operating wind farms developed in Newfoundland and Labrador. Like the first, it consists of 9 Vestas V90/3000 3 MW turbines and generates enough electricity to support the needs of 7,000 households.
The project is located near Fermeuse, a small town on the east coast of Newfoundland, approximately 75 km south of St. John's.
Construction of the project started in 2008 and it achieved commercial operation in July 2009. Power generated by the project is sold to Newfoundland and Labrador Hydro, a Nalcor Energy company, 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: