BluEarth Closes Debt Financing and Kicks off Construction for Alberta Wind Power Project
Calgary, Alberta – June 12, 2015 – BluEarth Renewables Inc. (BluEarth) today announced that it closed non-recourse construction and term debt financing for the 29 megawatt (MW) Bull Creek Wind Power Project (Bull Creek or the Project) – the Company’s first renewable power project in Alberta. Term funding of approximately $71 million was provided by National Bank of Canada and ATB Financial.
“We are excited to be moving forward with our first renewable power project in our home province. Bull Creek is expected to inject more than $15 million into the local economy over its life; in addition, there will be more than 50,000 person-hours of direct employment during construction as well as indirect benefits to local suppliers,” said Kent Brown, BluEarth’s President & CEO.
BluEarth began construction of the Project in June, which involves the installation of 17 wind turbines approximately 20 km northeast of Provost, Alberta. Once constructed, Bull Creek will generate enough clean, renewable power for approximately 10,000 average Alberta homes, with the potential to offset approximately 80,000 tonnes of greenhouse gas emissions annually.
The power from Bull Creek will be sold to several of Alberta’s school boards through agreements reached with Alberta schools with assistance from the Alberta Schools Commodities Purchasing Consortium (CPC). The CPC ran a competitive process to select a renewable power developer to provide members with an option for a long-term affordable source of renewable energy. BluEarth was selected as the partner to develop a project to meet their requirements.
Wind power enables participating school boards to take advantage of the long-term predictable cost of wind energy, with no future fuel-price risk. In addition, it limits their exposure to potential increases in costs associated with greenhouse gas pollution from traditional sources of energy production.
About BluEarth Renewables Inc.
Headquartered in Calgary, Canada, BluEarth is a private independent renewable power producer, focused on the acquisition, development, construction, and operation of wind, hydro, and solar projects in North America, with a primary focus in Canada. With one of the most experienced renewable energy development teams in Canada, BluEarth’s mission is to be the Canadian renewable energy leader by developing, building, and operating a portfolio that optimizes people, the planet, and profit. BluEarth believes it has the power to change the futureTM by demonstrating how to be sustainable and profitable, leaving the world a better place. For more information, visit www.bluearth.ca. Follow us on twitter @BERenewables.
For more information:
BluEarth Renewables Inc.
(403) 668-1575 x422