BluEarth Renewables Inc. closed non-recourse construction and term debt financing for the 29 megawatt (MW) Bull Creek Wind Power Project (Bull Creek or the Project) -- the Company's first renewable power project in Alberta. Term funding of approximately $71 million was provided by National Bank of Canada and ATB Financial.
"We are excited to be moving forward with our first renewable power project in our home province. Bull Creek is expected to inject more than $15 million into the local economy over its life; in addition, there will be more than 50,000 person-hours of direct employment during construction as well as indirect benefits to local suppliers," said Kent Brown, BluEarth's President & CEO.
BluEarth began construction of the Project in June, which involves the installation of 17 wind turbines approximately 20 km northeast of Provost, Alberta. Once constructed, Bull Creek will generate enough clean, renewable power for approximately 10,000 average Alberta homes, with the potential to offset approximately 80,000 tonnes of greenhouse gas emissions annually.