Toronto-based Firelight Infrastructure Partners, which manages an infrastructure fund dedicated to renewable energy investments in North America, and renewable energy developer Sprott Power have agreed to invest about C$61 million (€43.5 million; $62.2 million) in a Nova Scotia wind farm.
Under the agreement, Sprott Power will own 51 percent of the wind farm, and Firelight will own the remaining 49 percent, according to a statement.
Construction is already underway on the project, which is located near Amherst in northwestern Nova Scotia. The 31.5-megawatt wind farm has secured a 25-year power purchase agreement with local utility Nova Scotia Power, according to a statement.
The Amherst project marks Firelight’s second investment in Nova Scotia. The firm previously partnered with RMS Energy to invest in the 51-megawatt Dalhousie Mountain wind energy project in 2009, according to Mike Kosiancic, an asset manager at Firelight.
Kosiancic said Firelight has $200 million in commitments from two investors: a Canadian real estate company and a Canadian pension.
Kosiancic declined to specify the investors, but earlier this year a newsletter for OPTrust, manager of the Ontario Public Service Employees' Union pension plan, described Firelight as a joint venture between OPTrust and Dundee Real Estate Asset Management.
Canada Life Assurance and the Ontario Pension Board, which administers Ontario’s Public Service Pension Plan, have agreed to provide a secured long term non-recourse debt facility of up to C$45 million for the Amherst project, according to a statement. Construction on the project is expected to be completed in the first quarter of 2012.