Funding for Quebec wind farm announced

Eolectric Inc. and Fiera Axium Infrastructure Inc. have announced the creation of an investment fund, Eolectric Club L.P., and completion of equity financing for the Vents du Kempt wind power farm.

The purpose of the Eolectric Club L.P. is to invest in wind farm projects throughout Canada. Eolectric Club L.P.’s investors are Eolectric Inc., Industrial Alliance Insurance and Financial Services Inc. and Fiera Axium Infrastructure Canada, Limited Partnership.

The first investment of Eolectric Club L.P. is Vents du Kempt Wind Power L.P. This new entity will pursue the development, construction and operation of the 101.2 MW wind farm in Quebec, representing a total construction cost of approximately C$340 million ($339.5 million). Eolectric Club L.P. holds a 51 percent interest in Vents du Kempt Wind Power L.P. and Fiera Axium Infrastructure Canada, Limited Partnership, owns 49 percent.

The Vents du Kempt wind farm is composed of 44, 2.3 MW wind turbines and will be built in the municipalities of Causapscal and Sainte-Marguerite-Marie in Matapédia, Quebec. The project has executed a 20-year power purchase agreement with Hydro-Quebec Distribution. Construction will begin this fall, and commercial operation is expected to begin in late 2014.

Originally the Vents du Kempt project was a 100 MW wind farm powered by 50 turbines of 2 MW. The change to 44 turbines of 2.3 MW is subject to the approval of Hydro-Québec Distribution.

The Vents du Kempt Wind Farm project in summary:
Location : The Matapedia Valley, Quebec
Capacity : 101,2 MW
Wind turbines : 44 wind turbines Enercon E-82 – 2,3 MW
Homes supplied : More than 10 000 homes powered by electricity
Project’s total construction cost : $340 millions
Long term regional economic impact : Approximately $65 millions
Job creation: 150 positions during construction and 10 positions during operation
Beginning of work : Fall of 2012
Start-up : December 1, 2014

Eolectric Inc., located in Brossard, Quebec, is one of the major firms in wind farm developement in Canada. A pioneer in this flourishing industry, it is involved in the developement, construction and operation of wind farm projects throughout Canada and Mexico. With various partners, Eolectric has developed a total capacity of 569 MW of wind farms which are currently under construction or in operation. It has successfully assembled a portfolio of wind power projects in Canada and Mexico totalling an aggregate capacity of 2 000 MW. Eolectric Inc. lives by and adheres to high standards of sustainable development and social acceptability.