KfW IPEX-Bank finances Canadian Paintearth wind farm

KfW IPEX-Bank, together with the Canadian Desjardins Group, recently closed the financing for the construction and operation of the Paintearth onshore wind farm in the Canadian province of Alberta. While KfW IPEX-Bank leads the structuring of the transaction; both banks are providing equal shares of debt capital amounting to an approximate total of CAD 250 million (equivalent to around EUR 170 million).

The 190MW wind farm utilizes 38 SG 5.0-145 wind turbines manufactured by Siemens Gamesa Renewable Energy, an Original Equipment Manufacturer with extensive experience in the Canadian onshore wind market. Commissioning of the facility is planned for 2024. The project benefits from a power purchase agreement with a subsidiary of Microsoft Corp.

Sponsors and developers of the project are Potentia Renewables Inc., developing the project on behalf of the Power Sustainable Energy Infrastructure Partnership (“PSEIP”), and Greengate Power Corporation, both Canadian project developers with extensive experience in the field of wind power generation. Together with Potentia and PSEIPs wind farms financed in 2021 and 2022, KfW IPEX-Bank is now providing financing for six onshore wind projects in Alberta, with a total capacity of 738 MW. This corresponds to approximately 20% of the wind power capacity installed in Alberta by Q1, 2023, meaning that around 200,000 households can be supplied with green energy.

KfW IPEX-Bank’s financing of the new wind farm underscores its commitment to advancing global energy transition projects and playing a leading role in facilitating the export of European technologies.

About KfW IPEX-Bank
Within KfW Group, KfW IPEX-Bank is responsible for project and export finance. It supports German and European companies operating in key industrial sectors in global markets by structuring medium and long-term financing for their exports, funding infrastructure investments, securing supply of raw materials and by financing environmental and climate change mitigation projects worldwide.

As a bank that stands for transformation, it finances technologies of the future to support the transition towards sustainable society in all three dimensions of the economy, environment and social. By implementing ambitious sector guidelines for CO2-intensive sectors KfW IPEX-Bank ensures its financings are compatible with the goals of the Paris Agreement. By introducing GHG accounting it aims to achieve a net zero emissions portfolio by 2050.

As specialist bank, KfW IPEX-Bank has extensive industry, structuring and country expertise, it takes on leading roles in financing consortia and actively involves other banks, institutional investors and insurance firms. KfW IPEX-Bank operates as a legally independent group subsidiary and is represented in the most important economic and financial centres across the globe.