KfW IPEX-Bank finances Canadian wind farm portfolios

KfW IPEX-Bank is financing the expansion of renewable energy sources in Canada with debt capital of around CAD 600 million for the construction and operation of altogether five onshore wind farms in the Canadian province of Alberta.

Through its involvement, KfW IPEX-Bank is enabling the generation of “green” energy in five onshore wind projects: Jenner 1, 2 and 3 north of the village of Jenner and east of the town of Brooks, as well as the Stirling wind farm, northeast of the village of the same name, and Wheatland wind farm, located southeast of the town of Drumheller. The project sponsor and developer is Potentia Renewables Inc., a project developer established in Canada in 2010 with extensive experience in wind power generation.

Jenner 1, 2 and 3 will have an installed capacity of around 305MW generated by 55 wind turbines from the German manufacturer Enercon based in Aurich in the federal state of Lower Saxony. The wind farms are scheduled to start operation in 2022 and 2023. The Stirling and Wheatland wind farms will have a total installed capacity of 243MW generated by 47 wind turbines supplied by Siemens Gamesa Renewable Energy, based in Spain. Jenner 1 and 2 and the Stirling wind farm have 20-year power purchase agreements with the grid operator of the province Alberta AESO.

KfW IPEX-Bank’s financing of the five wind farms underscores its commitment to advancing global energy transition projects and exporting European technologies. The project financing in each case is covered by the Danish export credit insurance EKF and/or Euler Hermes. Osler, Hoskin & Harcourt LLP served as legal counsel to Potentia during the transaction, with Blakes, Cassels and Graydon LLP acting on behalf of the lenders.