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Fighting climate change
Eolectric Club and Fiera Axium inaugurate the Vents du Kempt Wind Farm
SAINTE-MARGUERITE-MARIE, QC, June 17th, 2015 – Eolectric Club, L.P. and Fiera Axium Infrastructure Canada Limited Partnershiptoday formally inaugurated the Vents du Kempt Wind Farm in the Matapedia Valley in Quebec. Over 150 guests attended the inauguration ceremony held just outside the municipal office of the town of Sainte-Marguerite-Marie. The guests included local elected officials, landowners and citizens who have participated in the development and construction of the project. The Vents du Kempt Wind Farm, with its installed capacity of 101 MW representing an investment of more than $300 million, was commissioned in December 2014.
"The completion of the wind farm has been made possible by the continued support of the local population, the commitment of our partners and the dedication of our team of professionals ", said Guy Painchaud, President of Eolectric Inc. " After more than a decade of hope, hard work and perseverance, we are pleased to highlight today the commissioning of the wind farm and to take the time to thank the different individuals involved in its success."
The construction of the Vents du Kempt Wind Farm was undertaken over a period of slightly more than two years. At the peak of the construction period, more than 300 workers were on site, of which almost 70% were from the local area. The wind farm consists of 43 Enercon E92 wind turbines of 2.35 MW nominal capacity partly manufactured at the Enercon plant in Matane. The Vents du Kempt Wind Farm will provide sufficient energy to power the equivalent of 10,000 electrically heated homes.
"The Vents du Kempt Wind Farm isour first investment in renewable energy in Quebec", said Stéphane Mailhot, President and COO of Fiera Axium Infrastructure Inc., on behalf of Fiera Axium Infrastructure Canada Limited Partnership. " We are proud to participate in the project along with the outstanding partners of Eolectric Club L.P. and thus supply clean energy to the population of Quebec."
The investment fund Eolectric Club L.P. was established for the equity financing of the Vents du Kempt Wind Farm. The investors of Eolectric Club L.P. are Eolectric Inc., iA Financial Group and Fiera Axium Infrastructure Canada Limited Partnership. Eolectric Club L.P. has since added one other investment to its portfolio, the 100 MW L’Érable Wind Farm in the RCM of L’Érable in Quebec.
The senior debt funding was granted by co-arrangers KfW IPEX-Bank GmbH and The Manufacturers’ Life Insurance Company as well as the Caisse de dépôt et placement du Québec. This financing represents one of the first long term debt financing to a Canadian wind farm combining both institutional and bank facilities.
About the partners:
Eolectric inc.: Eolectric Inc., located in Brossard, Québec, is one of the major wind power developer in Canada. A pioneer in this flourishing industry, Eolectric and its affiliates have been involved in the development, construction and operation of wind farm projects throughout Canada and Mexico since 1994. With various partners, Eolectric has developed wind farms representing a total capacity of 693 MW which are currently under construction or in operation. It has successfully assembled a portfolio of wind power projects in Canada and Mexico totalling an aggregate capacity of 2,000 MW. Eolectric has also developed management activities, including management and administrative services to both Eolectric Club L.P. and Vents du Kempt Wind Power, L.P. Eolectric lives by and adheres to high standards of sustainable development and social acceptability.
Fiera Axium Infrastructure inc.:Fiera Axium is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Fiera Axium manages dedicated infrastructure funds having in excess of $1.2 billion in assets under management. Focus is placed on assets that are supported by robust market demand, under long-term contract with creditworthy counterparties. The firm combines the capabilities of a group of specialists with decades of combined experience acquiring, developing, financing, operating and managing infrastructure assets.
iA Financial Group: Founded in 1892, iA Financial Group is a life and health insurance company with operations in all regions of Canada as well as in the United States. The Company offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services for both individuals and groups. The fourth largest life and health insurance company in Canada, iA Financial Group contributes to the financial wellbeing of over four million Canadians, employs more than 5,000 people and manages and administers more than $114.7 billion in assets. iA Financial Group stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.