Enerfin Energy Company of Canada, a wholly-owned subsidiary of Elecnor, has started commercial operations of the 100MW L’Erable wind farm in Quebec, Canada.
Located in the municipalities of St-Ferdinand, Ste-Sophie-d’Halifax and St-Pierre-Baptiste, the project will generate enough clean electricity to power around 30,000 households and curb CO2 emissions of 75,000 tonnes annually.
Equipped with 50 Enercon E-82 wind turbines of 2MW each, the project will supply its output to Hydro-Quebec Distribution under a 20-year electricity supply contract.
Enercon claims that its wind turbine technology increases the efficiency and useful life of the facilities as well as reduces the environmental impact.
Enerfin will be responsible for overall operation of the project and maintenance of the wind turbine generators, while Hydro Quebec will be in charge of distribution of the plant’s output.
In May 2012, Enerfin has announced the closing of a CAD250m (€173.8m) senior secured construction and term loan facility for the project, which has created more than 1,200 jobs on the various stages of construction.
The financing for the project was completed through a syndicated loan subscribed in full by Canadian banks including Sun Life Financial, The Manufacturers Life Insurance Company, The Great-West Life Assurance Company and Industrielle Alliance, Assurance et services financiers.
National Bank Financial and Sun Life Financial have acted as co-underwriters for the financing and the former will also act as an agent for the lenders.
The latest wind farm in Canada and the recent acquisition of an infrastructure company Hawkeye in the US bolster the company’s presence in North America.
With the new Canadian wind farm, the company, with a portfolio of 1,000MW under construction and operation in Spain and North America, has strengthened its place among the wind power leaders.
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Elecnor, through its Enerfín wind energy unit, has brought the L’Érable wind farm in Quebec (Canada) on stream after completing 100% of the infrastructure. For an investment of EUR 260 million, this is Elecnor’s first wind farm in Canada. More than 1,200 professionals worked on the various stages of construction.
Located between Montreal and Quebec, the wind farm has 100 MW of capacity through 50 wind turbine generators of 2 MW each. State-of-the-art Enercon technology increases the efficiency and useful life of the facilities, while reducing the environmental impact. The farm will power some 30,000 households and prevent the emission of 75,000 tonnes of CO2 a year.
The L’Érable project was awarded by Hydro PPA Québec, a public energy generation and transmission company, with which it has signed a 20-year PPA. Enerfín is in charge of overall operation of the farm and maintenance of the wind turbine generators, while Hydro Québec will oversee distribution of the power produced.
Funding for L’Érable was completed in May last year through a syndicated loan subscribed in full by Canadian banks.
Early this year, the Euromoney Group’s Project Finance Magazine gave the L’Érable’s wind farm financing project the "North American Wind Deal of the Year" award. This international award recognises, inter alia, this project’s innovation, best practices, risk mitigation and value for money.
Expansion in North America
With the start-up of this new wind farm, Elecnor has expanded its operations in Canada and in North America in general. The company recently acquired Hawkeye, an infrastructure company, to bolster its presence in the US, where it already has the Elecnor Inc. and Elecnor Belco subsidiaries. Elecnor Belco operates on the US West Coast, where Elecnor recently completed its first PV solar farm (20 MW).
With the Canada wind farm, Elecnor has also reinforced its place among the wind power leaders, with more than 1,000 MW under construction and operation in Spain and North America.