Canada wind farm. Author: Wilson Hui. License: Creative Commons
Nov 4, 2014 - Canadian green projects developer BluEarth Renewables Inc said yesterday it has raised over CAD 81 million (USD 71.4m/EUR 57m) in equity financing to support investments in renewable energy projects.
The funding round, held among existing investors, is in line with the company’s expansion strategy under which it aims to have nearly CAD 650 million of wind, solar and hydropower operational assets by end-2015. By the end of 2017, BluEarth expects to have CAD 1 billion of assets.
The Ontario Teachers' Pension Plan and ARC Financial, the company's major shareholders, invested further in BluEarth, the firm said. Management and other investors have also taken part in the financing initiative. BMO Capital Markets acted as the company’s strategic advisor.
BlueEarth has raised more than CAD 250 million in equity to finance growth since its incorporation in 2010. Last year, the firm added almost CAD 400 million worth of solar and hydropower assets to its portfolio. It is currently building a 15-MW hydropower plant in British Columbia and a 60-MW wind farm in Ontario together with the Batchewana First Nation.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.