Brookfield Renewable Energy Partners (TSX:BEP.UN) (“Brookfield Renewable”) announced the completion of a $450,000,000 offering for its Comber Wind farm in Essex County, Ontario.
The bond issuance was Canada’s first broadly marketed and rated wind financing.
The 166 MW Comber Wind farm entered commercial operation in the fall of 2011 and benefits from a 20-year Power Purchase Agreement with the Ontario Power Authority.
The Senior Bonds bear an all-in interest rate of 5.13% and fully amortize over a period of 17.7 years. The bonds are rated BBB by DBRS.
“We are grateful for the strong response to this offering from institutional investors across Canada,” said Sachin Shah, Chief Financial Officer of Brookfield Renewable.
“The transaction was oversubscribed with significant demand resulting in the participation of more than 25 investors. As the first public wind deal in Canada, the offering attracted many institutions new to the sector and should help to increase and diversify future financing opportunities for renewable power companies and investors alike.”