$300M Vents du Kempt wind farm project secures financing

First project outside Europe to order the new German-made ENERCON E92 turbine.

Vents du Kempt will provide electricity to 10,000 homes.

BROSSARD, Que. — The $300 million Vents du Kempt wind power project has secured financing from KfW IPEX-Bank GmbH, The Manufacturers Life Insurance Co. and the Caisse de Dépôt et Placement du Québec.

Eolectric Club LP holds a 51% interest in Vents du Kempt Wind Power LP, with the remaining 49% interest held by Fiera Axium Infrastructure Canada, Limited Partnership.

The wind farm in Eastern Quebec is the first project outside of Europe to place a firm order for the new E92 turbine made by German manufacturer ENERCON.

The 101-megawatt project, which has a 20-year power purchase agreement with Hydro-Quebec Distribution, will operate forty-three 2.35 megawatt wind turbines. As required by the Quebec government, major components of the wind turbines will be manufactured in the Gaspésie, Iles de la Madeleine area of the regional county municipality of Matane.

The project, to be operational next year, will create about 150 construction jobs and 10 operations jobs. The long-term economic spin-off is forecast to be about $65 million.

Eolectric Club, LP is a fund that invests in wind power projects across Canada. Its investors are Eolectric Inc., a wind power developer based in Brossard, Que., Industrial Alliance Insurance and Financial Services Inc., a life and health insurance services firm, and Fiera Axium Infrastructure Canada, Limited Partnership, an independent portfolio management firm.

Vents du Kempt will provide enough electricity to power 10,000 homes.