MONTREAL, June 10, 2013 /CNW Telbec/ - The Caisse de dépôt et placement du Québec announced today that it will provide $50 million of financing, in the form of a term loan, for the construction and operation of the Vents du Kempt Wind Power Project in the regional county municipality of Matapédia, Québec. The financing is part of the total project cost of more than $300 million, as announced earlier today by its proponents, Eolectric Club, L.P. and Fiera Axium Infrastructure Canada, Limited Partnership.
The project involves developing and operating a wind farm with 43 wind turbines that will have a total capacity of 101 MW once they are operational. The output will be sold to Hydro-Québec under a 20-year power purchase agreement.
"Through this investment, we are contributing, along with banks and institutional investors, to the implementation of a new renewable energy project in Québec," said Marc Cormier, Executive Vice-President, Fixed Income, at the Caisse de dépôt et placement du Québec. "This financing is in line with our commitment to invest in companies that provide stable, long-term returns for our clients, the depositors."
"The Vents du Kempt Wind Power Project generates significant benefits for Québec landowners, contractors, consultants and municipalities, as well as for workers in the wind power sector in Bas-St-Laurent and Gaspésie," said Guy Painchaud, President of Gestion Éolectric Inc., the manager of the project. "We're therefore pleased to be able to count on the involvement of the Caisse de dépôt et placement du Québec in financing the Vents du Kempt project."
ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2012, it held $176.2 billion in net assets. As one of Canada's leading institutional fund managers, the Caisse invests in major financial markets, private equity, infrastructure and real estate globally. For more information: www.lacaisse.com.
SOURCE: CAISSE DE DEPOT ET PLACEMENT DU QUEBEC