Shear Wind's unit to get USD-105m financing for Canadian wind project

(ADPnews) - Oct 8, 2010 - Canadian Shear Wind Inc (CVE:SWX) said Thursday that its unit Glen Dhu Wind Energy LP is to complete soon a CAD-107-million (USD 105m/EUR 76m) debt financing deal for its 62.1-MW wind farm project in Nova Scotia.

The financing, to be closed today, October 8, bears a floating interest rate. It will provide funding for the project construction and then will be converted into a term loan.

A total of 51% of Glen Dhu's capital is in the hands of Share Wind, with the remainder controlled by Shear Wind's largest shareholder Genera Avante Holdings Canada Inc, part of Spanish utility conglomerate Inveravante.

At the same time, Shear Wind announced that its wholly-owned unit Vindt Resources Inc has secured CAD 1 million through the issue of unsecured promissory note to Genera Avante, to back the development of a 100-MW wind farm in Alberta.

(CAD 1 = USD 0.983/EUR 0.707)

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