25 Apr 2016
A portfolio of wind projects in Canada has reached financial close, after SgurrEnergy provided lender’s technical due diligence to support the financing process.
SgurrEnergy, a Wood Group business, supported project sponsor InstarAGF Asset Management Inc., with lender’s technical due diligence on the Zero Emissions Developments (ZED) wind energy portfolio. The scope consisted of an energy yield analysis and full review of site suitability, technology, design, construction contracts and financial models. SgurrEnergy will also undertake construction monitoring services during the construction phase.
The 30MW portfolio consists of two sites in British Columbia, which will use five 3.2MW Senvion wind turbines on each site. The projects will comply with the British Columbia Standing Offer Program (SOP), which encourages the development of small clean or renewable electricity projects up to 15MW throughout the province.
“The SgurrEnergy team brought significant expertise to our process, thereby positioning InstarAGF to secure financing for these projects,” said Stephen Simpson, Vice President, InstarAGF. “SgurrEnergy is a leader in renewable energy globally and we look forward to their continuing support through the construction phase of these projects.”
Matthew Irvine, senior consultant at SgurrEnergy, said: “In a province that is dominated by hydro power, it is great to see wind energy projects come to fruition. Having worked on these projects since 2014, the team is delighted to see them achieve financial close and move towards commercial operation.”
Construction will begin in the next few weeks with commercial operations expected to commence by the first quarter of 2017.