Brookfield Renewable Energy Partners (“Brookfield Renewable”) (TSX:BEP.UN) completed a $175 million private placement bond financing for its 45 MW Kokish River hydroelectric project in the northern part of Vancouver Island near Port McNeill, BC.
The Kokish River project benefits from a 40-year Electricity Purchase Agreement with BC Hydro and is being developed by Brookfield Renewable and its partners, the Namgis First Nation.
The project is expected to achieve commercial operation in 2014.
The bonds bear an interest rate of 4.45 per cent and are fully amortizing over their term of 41 years. The bonds are rated A (low) with a stable trend by DBRS. Scotia Capital Inc. acted as sole private placement agent.
Brookfield Renewable was represented by Torys LLP with a team that included Rose Bailey, Jonathan Cescon, Nina Mansoori and Yinka Olusoga; and Davis LLP with a team consisting of Catherine Gibson, Mark Schmidt and Robert Groves.
Scotia Capital was represented by McCarthy Tétrault LLP with a team that included David Lever, Gordon Baird, Ian Michael and Jennifer Pyke in Toronto; and Tim Kwan, Michael Mitchell, Beverly Ellingson and Stephen Curran in Vancouver.