BluEarth obtains financing for 29-MW wind project in Canada

Canada’s BluEarth Renewables Inc has initiated building works on the 29-MW Bull Creek wind park in Alberta this month, after securing non-recourse construction and term debt financing, it said Friday.

In particular, the renewable power producer has agreed term funding of about CAD 71 million (USD 57.6m/EUR 51.4m) with the National Bank of Canada and ATB Financial.

The project envisages erecting 17 wind turbines to the northeast of Provost, Alberta. The machines are expected to generate enough power to cover the annual electricity consumption of roughly 10,000 average homes in the province. The output will be sold to a number of local school boards through contracts signed with Alberta schools with the assistance of the Alberta Schools Commodities Purchasing Consortium (CPC).

The Bull Creek wind farm is seen to infuse over CAD 15 million into the local economy over its life, said Kent Brown, BluEarth's president and CEO.

(CAD 1.0 = USD 0.811/EUR 0.724)

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