Mitsui gets USD 485m JBIC loan for renewable energy projects in Canada
Dec 17, 2012 - The Japan Bank for International Cooperation (JBIC) said today it would extend CAD 477 million (USD 484.7m/EUR 367.8m) in loans to finance the wind and solar power projects of Japan's trader Mitsui & Co Ltd (TYO:8031).
In adittion, The Bank of Tokyo-Mitsubishi UFJ Ltd, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp will provide another CAD 318 million in loans for the projects, the JBIC said.
Mitsui and a tie-up led by Canadian fund manager Fiera Axium Infrastructure Inc would buy a 60% stake in 680 MW of wind and solar projects in Canada from French utility GDF Suez (EPA:GSZ), the latter said today. Under the terms of the deal, the three parties will form a joint venture in which GDF Suez will hold a 40%, while Mitsui and the Fiera Axium-led consortium will own 30% each. The purchase price of the assets, located in Ontario, New Brunswick, Prince Edward Island and British Columbia, total CAD 2 billion. The projects include 363 MW of operational wind farms and 317 MW of wind and solar projects that are expected to start generating electricity between 2013 and 2014.
(CAD 1.0 = USD 1.016/EUR 0.771)
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.