ScotianWEB acquires $61.4MM in financing for 28 MW wind power project

The ScotianWEB Limited Partnership, comprised of three renewable energy companies, secured $61.4 million in project financing for wind energy facilities in Nova Scotia. Travelers Capital Corporation arranged the financing for the 28 megawatt wind power project. The ScotianWEB Limited Partnership is comprised of Scotian Wind Inc. (SWI), Scotian WindFields Inc. (SWFI) and WEB Wind Energy North America Inc. (WEB N.A.)

Mark Bohn, managing partner of Travelers Capital Corporation, said the financing is the first significant investment for its clients in Canada. 

"The project financing is a major step forward in WEB's delivery of clean wind energy to Nova Scotia and North America," said Detlef Krollpfeiffer, CEO of WEB N.A.

SWFI has several wind projects, including the Saint Rose community wind project that generates 2 MW and the Martock Ridge community project with a power generation capacity of 6 MW, according to its website.

"This financing represents a major milestone in our efforts to develop community owned renewable energy projects," said David Howell, CFO of Scotian Windfields Inc. "Not only is this financing essential for the development of this 28 MW phase, but it will allow for future renewable energy developments to proceed with preliminary work as well."

More information on the wind power market in Canada can be found at PennEnergy Research

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