Elemental Energy closes financing for Brooks Solar
An overview of the Brooks Solar Project. — Photo courtesy Elemental Energy Inc.
VANCOUVER, Sept. 27, 2017 /CNW/ - Elemental Energy Inc. ("Elemental") closed construction and term debt financing for the 17 megawatt ("MW") Brooks Solar project located in Newell County, Alberta. National Bank of Canada (TSX:NA) is the sole lender on the transaction.
Brooks Solar is currently under construction and when completed in late 2017 will be the first utility scale solar project in Western Canada. The project is being constructed over the course of approximately seven months and employs significant local labour from the town of Brooks and the wider County of Newell area. In addition to the debt financing provided by National Bank of Canada, Elemental Energy is investing the equity to construct, own, and operate the project.
"The execution of Brooks Solar adds to our growing portfolio of projects across North America and represents an important renewable energy milestone for Alberta," said Jamie Houssian, Principal of Elemental Energy. "Solar energy will ramp up considerably in Alberta in the coming years and this project will help start that momentum".
Emissions Reduction Alberta (ERA) is a contributing partner on the project. ERA's mandate is to identify and accelerate solutions that secure Alberta's success in a lower carbon economy. The Brooks Solar project was selected through a competitive request for proposals process and will demonstrate the advantages and performance of large-scale solar power in Alberta.
After acquiring the project, Elemental engaged many stakeholders to successfully move the project forward. This included the completion of land agreements, construction contracts, permits from county and provincial agencies, facilitating the interconnection process with Fortis, AltaLink, and AESO, and the completion of a power purchase agreement with a corporate offtaker.
Elemental develops its own projects and works collaboratively with development partners to successfully deliver innovative renewable energy projects through development and construction and into commercial operation.
About Elemental Energy Inc. (Elemental)
Elemental is a developer, investor and operator of renewable energy projects, with interests in operating and development stage wind, solar, and hydro projects throughout North America. Elemental provided 100% of the equity financing for Brooks Solar and will be the long-term owner and operator of the project.
