Fiera Axium in wind farm fund venture

Fiera Axium Infrastructure has joined forces with wind farm developer Eolectric to launch a fund targeting wind farms across Canada. The fund’s first project is a C$340m wind farm in Quebec.

Fiera Axium Infrastructure has teamed with wind energy company Eolectric to create a fund – Eolectric Club – targeting wind farm investments across Canada, the partners announced in a recent statement.

“By forming Eolectric Club, Eolectric is firming up its financial clout so that it can carry out all phases of development from identifying potential wind farm sites to their operation,” Eolectric’s president, Guy Painchaud, explained.

The fund will count Eolectric, Industrial Alliance Insurance and Financial Services, as well as Fiera Axium Infrastructure as its limited partners. The partners have also announced the fund’s first investment – the development and operation of a 101.2-megawatt, 44-turbine wind farm known as Vents du Kempt, which is expected to cost C$340 million (€264 million; $331 million).

Vents du Kempt is located in the Matapedia Valley of Quebec. When completed, it is expected to provide a long-term economic regional impact of $65 million, offering electricity to 10,000 people. Construction will begin in the fall, and should be finished by late 2014.

The wind farm is now 51 percent owned by Eolectric Club with Fiera Axium Infrastructure Canada, which has C$460 million in capital, owning the remaining 49 percent.

Fiera Axium Infrastructure Canada closed in February 2011, and is a 10-year, closed-end fund established to invest in core infrastructure. Fiera Axium Infrastructure is jointly held by C$54 billion asset manager Fiera Capital Corporation and Axium Infrastructure Management.