SOURCE: juwi Wind Canada Ltd.
HALIFAX, NS--(Marketwired - Dec 4, 2013) - Firelight Infrastructure Partners has purchased juwi Wind Canada Ltd.'s stake in the ten-megawatt (MW) Chebucto Pockwock Community Wind Project. The project, which is being developed under Nova Scotia's Community Feed in Tariff Program (COMFIT), recently received approval of its Environmental Assessment, and is part of a larger portfolio of projects developed by juwi targeting construction in 2014. juwi will remain an integral part of the project as an experienced industry partner offering development, financing, and construction management expertise. juwi will also remain on as the project's asset manager.
juwi Wind Canada President Michael Rucker stated, "juwi is excited to continue to play a significant role in the Chebucto Pockwock Community Wind project. We are committed to help realize the economic, social and environmental benefits of community wind energy, and we welcome Firelight Infrastructure Partners commitment to assist in delivering this great opportunity."
Firelight Infrastructure Partners joins Chebucto Pockwock Lake Wind Field Limited (CPL), as co-equity owner in the project. Over the past two years juwi has worked with CPL under the Nova Scotia COMFIT program to bring the project to fruition. CPL is currently in the process of raising additional funds for its equity contribution to the project. CPL President Terry Norman stated, "We look forward toward bringing this high quality, environmentally conscientious business opportunity to the current and future investors in Chebucto Pockwock Lake Wind Field Limited."
Firelight Infrastructure Partner's Vice President Mike Kosiancic said of the transaction, "The addition of the Chebucto Pockwock Community Wind project is an exciting and natural expansion of our investment in Nova Scotia renewables. We look forward toward investing in the Pockwock project alongside CPL's local shareholders. Without local community investors like CPL this opportunity would not be possible."
With the closing of the equity, the project has ordered V-100 turbines from Vestas, bringing additional community investment, jobs and training while reducing the province's dependence on traditional energy generation. "We welcome Chebucto Pockwock Community Wind as a new North American customer for Vestas and we are confident they will achieve a significant return on their investment with the V100-2.0 MW," said Chris Brown, President of Vestas' sales and service division in Canada and the United States.
About juwi Wind Canada Ltd
juwi Wind Canada Ltd is a subsidiary of the juwi Group, a major international developer of renewable energy projects. juwi Group has been designing, building and operating plants that harness renewable energy since 1996, and to date juwi Group has installed approximately 700 wind turbines worldwide at 100 sites, producing a total output of approximately 1400MW. juwi's North American wind operations are based in Boulder, Colorado.
About Firelight Infrastructure Partners
Firelight Infrastructure Partners is a Canadian partnership that invests in North American renewable energy projects including wind, hydro and solar. Firelight partners with experienced developers to provide the capital necessary to develop, construct and operate high quality renewable energy projects. With $300 million of committed capital, Firelight matches its financial strength and industry knowledge with the technical expertise of its partners. Firelight investments include the RMSenergy Dalhousie Mountain Project and Amherst Wind Power.
About Chebucto Pockwock Lake Wind Field Limited
CPL is a Community Economic Development Corporation that was incorporated specifically to invest in the Chebucto Pockwock Community Wind project under the Province's COMFIT Program. Its sponsor and major shareholder is The Chebucto Wind Field Inc., a CEDIF that was incorporated in 2002 and has over 200 shareholders. CPL owns 25% of the equity in the project and Firelight owns the balance.