CPE News (4.18.2023) – Potentia Renewables Inc. and Greengate Power Corporation has closed a $250 million project financing for Paintearth Wind project currently under construction in Alberta, Canada.
Paintearth Wind Project LP is owned 75% by Potentia and 25% 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 kilometres southeast of the Town of Stettler.
Potentia Renewables Inc., a wholly owned subsidiary of Power Sustainable Capital, is a fully integrated developer, owner, and operator of renewable energy assets.
Greengate is a privately held renewable energy company based in Calgary. Greengate Power is backed by Fengate Real Asset Investments, NGEN Partners, SAM Private Equity, and private investors from Canada and Asia.
In 2018 Greengate secured a multi-year, $100 million equity commitment from Fengate Real Asset Investments to jointly pursue the development and acquisition of projects in Alberta.
photo credit: Greengate Power
News Release
Potentia and Greengate Close Financing for Paintearth Wind
TORONTO and CALGARY, Alberta, April 18, 2023 (GLOBE NEWSWIRE) — Potentia Renewables Inc. (Potentia) and Greengate Power Corporation (Greengate) are pleased to announce the close of financing for their Paintearth Wind project currently under construction in Alberta, Canada. The project is owned 75 per cent by Potentia and 25 per cent 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 kilometres 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.
About Potentia Renewables
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 significant, 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.
About Power Sustainable Capital
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.
About Greengate Power Corporation
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 the 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.
For media inquiries please contact:
Potentia Renewables Inc.
Jennifer Tuck
jtuck@potentiarenewables.com
Greengate Power Corporation
Lisa Libin
Brookline Public Relations
403.815.5626
llibin@brooklinepr.com
FORWARD LOOKING STATEMENTS:
This news release contains forward-looking statements and forward-looking information (collectively “forward looking information”) within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: “aim,” “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “intend,” “strategy,” “forward,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking information include, among others, statements and timelines with respect to funding, construction, installed capacity and commencement of operations, statements regarding environmental and economic benefits, job creation and other statements regarding Paintearth Wind, Potentia and Greengate. The forward-looking information constitutes neither historical facts nor assurances of future performance and is based on certain key beliefs, expectations and assumptions made by Potentia and Greengate, including expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions, including the development of renewable energy projects; the state of the economy and the renewable energy business; business prospects and opportunities; the current regulatory and political environment; and existing financial commitments. Because forward-looking information relates to the future, such information is subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Potentia’s and Greengate’s, control. Actual results and financial condition may differ materially from those indicated in the forward-looking information, and as such no reliance should be made on any forward-looking information, which reflect Potentia’s and Greengate’s expectations only as of the date of this media release. Except as required by applicable securities laws, neither Potentia nor Greengate undertakes any obligation to update any forward-looking information, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.