Beothuk Energy (Beothuk) has partnered with Copenhagen Infrastructure Partners (CIP) to develop, own and operate wind farms in Atlantic Canada.
"Beothuk is thrilled to be in business with one of the world's leaders in renewable energy financing," said Kirby Mercer, CEO of Beothuk. "CIP brings tremendous capabilities and experience to the table as well as capital to help us quickly become one of Canada's leading wind power developers and the first with an offshore project."
On behalf of Copenhagen Infrastructure II, CIP has entered into an agreement with Beothuk to jointly develop, own and operate offshore wind farms supplying power to Atlantic Canada starting with the 180 MW St. George's Bay wind farm in Newfoundland. Beothuk has secured approvals and significantly advanced the development of the project since 2011 and will jointly with CIP fund the final development of the Project to secure a power purchase agreement for the energy to be delivered into Newfoundland. CIP will subsequently invest all of the capital required to construct the project.
"We are looking forward to participating in developing the St. Georges Bay project together with Beothuk", said Christina Grumstrup Sørensen, Senior Partner in CIP. "We see significant potential for offshore wind in Atlantic Canada due to strong winds, shallow water and an existing industry with experience in working in an offshore environment since many years."
Projects are being advanced by Beothuk in Newfoundland, Nova Scotia, New Brunswick and Prince Edward Island which could total over 1.000 MW when completed. The 180MW St Georges Bay project will supply clean energy to more than 150.000 households once constructed, create more than 500 jobs during the construction phase, and foster a new industry in Atlantic Canada to construct and service the Beothuk projects as well as other projects in the region.
Jacob Capital Management Inc., managed by Sasha Jacob, a global leader in renewable energy financing, acted as the financial advisor to Beothuk Energy and is the exclusive financial advisor to Beothuk and the Beothuk projects. Norton Rose Fulbright is acting as Beothuk's legal counsel.