Eolectric Inc. and Fiera Axium Infrastructure Inc. have announced the creation of an investment fund, Eolectric Club L.P., and completion of equity financing for the Vents du Kempt wind farm.
The purpose of the Eolectric Club L.P. is to invest in wind farm projects throughout Canada. Eolectric Club L.P.’s investors are Eolectric Inc., Industrial Alliance Insurance and Financial Services Inc. and Fiera Axium Infrastructure Canada, Limited Partnership.
The first investment of Eolectric Club L.P. is Vents du Kempt Wind Power L.P. This new entity will pursue the development, construction and operation of the 101.2 MW wind farm in Quebec, representing a total construction cost of approximately C$340 million ($339.5 million). Eolectric Club L.P. holds a 51 percent interest in Vents du Kempt Wind Power L.P. and Fiera Axium Infrastructure Canada, Limited Partnership, owns 49 percent.
The Vents du Kempt wind farm is composed of 44, 2.3 MW wind turbines and will be built in the municipalities of Causapscal and Sainte-Marguerite-Marie in Matapédia, Quebec. The project has executed a 20-year power purchase agreement with Hydro-Quebec Distribution. Construction will begin this fall, and commercial operation is expected to begin in late 2014.
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