– Renewable Energy Generation (REG) has refinanced its first four Canadian Wind farms built under the Standard Offer Programme, and
the C$33 million received will go towards financing new sites in Canada until they are operational.
The C$75 million non-recourse refinancing has a 20-year amortisation period with a 15-year term.
'REG has received C$33 million from the refinancing, with the balance due in early July and August when the Mohawk Point and Clear Creek wind farms are expected to be connected,' the company said in a statement.
REG also announced a wind turbine supply agreement signed with GE for wind power projects in Canada, scheduled to begin construction in autumn 2009. REG will equity finance these new sites from funds generated from its recent refinancing.
'The funds released from the refinancing will enable REG to continue its build-out programme, both in Canada and the UK, and the turbine supply agreement
with GE further expands our SOP construction programme into next year,' said Andrew Whalley, chief executive of REG.
