- Capstone Infrastructure and Renewable Energy Developers Announce Completion of Plan of ArrangementOct 01, 2013
- Capstone Infrastructure Corporation and Renewable Energy Developers Inc. Set Closing Date and Announce Third Quarter Dividend for ReD ShareholdersSep 20, 2013
- Capstone Infrastructure Corporation and Renewable Energy Developers Inc. Announce Court Approval of ArrangementSep 11, 2013
- Capstone Infrastructure’s Acquisition of Renewable Energy Developers Receives Shareholder ApprovalSep 04, 2013
- RENEWABLE ENERGY DEVELOPERS INC. Completes the Acquisition of 50 MW of Ontario Contracted Wind ProjectsAug 20, 2013
- Renewable Energy Developers Inc. Announces 2013 Second Quarter ResultsAug 08, 2013
- Renewable Energy Developers Inc. Completes Internalization of Management Jul 31, 2013
- Renewable Energy Developers Inc. and Genera Avante Holdings Canada Inc. Complete Refinancing of Glen Dhu Wind ProjectJul 24, 2013
- Renewable Energy Developers Inc. Enters into Agreement to Acquire Ontario Wind ProjectJul 15, 2013
- Renewable Energy Developers Inc. Announces Arrangement Agreement with Capstone Infrastructure CorporationJul 03, 2013
- Renewable Energy Developers Announces Results of 2013 Meeting of ShareholdersJun 26, 2013
- Sprott Power Corp. Announces Quarterly DividendJun 20, 2013
- Sprott Power Corp. Announces Proposed Partnership with Batchewana First Nation for its Goulais 25 MW Wind FarmJun 04, 2013
- Sprott Power Announces Nominees to the Board of DirectorsMay 31, 2013
- Sprott Power Corp. Announces 2013 First Quarter ResultsMay 15, 2013
- Sprott Power Corp. Announces 2012 Annual and Fourth Quarter ResultsMar 28, 2013
- Sprott Power Corp. Announces Quarterly DividendMar 20, 2013
- Sprott Power Corp. Finalizes Transition Agreement Feb 11, 2013
- Sprott Power Provides Management Transition UpdateFeb 01, 2013
- Sprott Power Announces Management TransitionJan 28, 2013
- Sprott Power Corp. Announces Loan to Contracted Wind Power ProjectsJan 14, 2013
- Sprott Power Initiates Strategic ReviewJan 10, 2013
- Sprott Power Corp. Announces Quarterly DividendDec 18, 2012
- Sprott Power Corp. to Increase Quarterly Cash DividendNov 26, 2012
- Sprott Power Corp. Completes Acquisition of Shear Wind and Enters into Agreements with New PartnerNov 23, 2012
- Sprott Power Corp. Announces 2012 Third Quarter ResultsNov 12, 2012
- Sprott Power Corp. Provides Update on Ontario Wind Projects Oct 25, 2012
- Shear Wind Shareholders Approve Plan of ArrangementOct 09, 2012
- Sprott Power Corp. Announces Quarterly DividendSep 17, 2012
- Sprott Power Announces Closing of $4.5 Million Over-Allotment OptionAug 30, 2012
- Sprott Power Completes $30 Million Public Offering of Extendible Convertible Unsecured Subordinated DebenturesAug 28, 2012
- Sprott Power, Wind Canada Investments and Shear Wind announce agreement for the acquisition of Shear Wind by Sprott Power and $30 million public offering by Sprott Power of Extendible Convertible Unsecured Subordinated DebenturesAug 08, 2012
- Sprott Power Corp. Announces 2012 Second Quarter ResultsJul 24, 2012
- Sprott Power Corp. Announces 45 Megawatts of Bids for Nova Scotia Renewable Energy Projects and Other UpdatesJun 28, 2012
- Sprott Power Corp. Announces Investments in Contracted Wind Power Projects Jun 26, 2012
- Sprott Power Corp. Hosts Nova Scotia’s Premier Darrell Dexter at Amherst Wind Farm Ribbon Cutting CeremonyJun 25, 2012
- Sprott Power Corp. Announces Increased Quarterly DividendJun 08, 2012
- Sprott Power Corp. Announces 2012 First Quarter ResultsMay 07, 2012
- Sprott Power Corp. to Increase Quarterly Cash DividendApr 17, 2012
- Sprott Power Corp. Announces Substantial Completion of the Amherst ProjectApr 16, 2012
- Sprott Power Corp. to Hold its Annual Shareholders Meeting on May 15, 2012 and Announces Adoption of Shareholder Rights PlanApr 10, 2012
- Sprott Power Corp. Announces 2011 Annual and Fourth Quarter ResultsMar 27, 2012
- Sprott Power Corp. Announces Quarterly DividendMar 26, 2012
- Sprott Power Corp. Completes $22.8 Million Equity FinancingMar 06, 2012
- Sprott Power Corp. Announces $20.0 Million Equity FinancingFeb 22, 2012
- Sprott Power Corp. Announces Equity FinancingFeb 21, 2012
- Sprott Power Corp. Announces the Installation of All the Turbines at its Amherst Wind Power ProjectFeb 13, 2012
- Sprott Power Corp. announces new refinancing agreement to extend through 2016Dec 23, 2011
- Sprott Power Corp. Announces Completion of First Wind Turbine at its Amherst Wind Farm ProjectDec 12, 2011
- Sprott Power Corp. Announces 2011 Third Quarter ResultsNov 11, 2011
- Sprott Power Corp. to Initiate Quarterly Cash DividendNov 07, 2011
- Sprott Power Corp. Announces Acquisition of 100 MW Alberta Development ProjectOct 06, 2011
- Sprott Power Corp. Completes the Sale of Non-Core Hydroelectric AssetsSep 19, 2011
- Sprott Power Corp. Announces Update on the Sale of Non-Core Hydroelectric Assets to Anyox Hydro Electric Corp.Aug 24, 2011
- Sprott Power Corp. Announces Closing of the Long-Term Financing for the Amherst Wind Farm ProjectAug 16, 2011
- Sprott Power Corp. Announces 2011 Second Quarter ResultsAug 11, 2011
- Sprott Power Corp. Appoints Finn Greflund to the Board of DirectorsJul 14, 2011
- Sprott Power Corp. Announces 2011 First Quarter ResultsJun 13, 2011
- Sprott Power Corp. Announces Agreements and Financing to Complete the Amherst Wind Farm ProjectJun 13, 2011
- Sprott Power Corp. Announces the Signing of a Letter of Intent to Sell its Interest in Non-Core Hydroelectric AssetsMay 11, 2011
- Sprott Power Corp. Announces the Signing of a Long-Term Power Purchase Agreement with Hydro-Québec Distribution for the Sale of 24 Megawatts of Wind PowerMar 24, 2011
- Sprott Power Corp. Appoints Glen Estill and David Rounthwaite to the Board of DirectorsMar 21, 2011
- Sprott Power Corp. Reports 2010 Financial ResultsMar 14, 2011
- Sprott Power Corp. to Release 2010 Financial ResultsMar 09, 2011
- Sprott Power Corp. and First Asset PowerGen Fund Announce Completion of MergerFeb 01, 2011
- First Asset PowerGen Fund Unitholders Approve Arrangement With Sprott Power Corp.Jan 24, 2011
- Sprott Power Securityholders Approve Arrangement; First Asset PowerGen Fund Meeting AdjournedJan 13, 2011
- First Asset PowerGen Fund and Sprott Power Corp. Announce Additional Contracted ProjectDec 21, 2010
- First Asset PowerGen Fund and Sprott Power Corp. Agree to MergeDec 13, 2010
- First Asset PowerGen Fund and Sprott Power Corp Announce Proposed MergerOct 26, 2010
- VentureLink Diversified Income Fund Inc. Invests in Sprott Power Corp.Jul 08, 2010
- FOR IMMMEDIATE RELEASE SPROTT POWER CORP. ANNOUNCES ITS FORMATION, COMPLETION OF CAPITAL RAISE AND MERGER WITH RENEWABLE ENERGY DEVELOPERS LPJun 14, 2010
Renewable Energy Developers Inc. and Genera Avante Holdings Canada Inc.
Complete Refinancing of Glen Dhu Wind Project
TORONTO, ON – July 24, 2013 – Renewable Energy Developers Inc. (TSX:RDZ) (TSX:RDZ.DB) (“ReD” or “the Company”), a developer, owner and operator of renewable energy projects, with its partner, Genera Avante Holdings Canada Inc., today announced it has refinanced all existing long term debt of the 62.1 Megawatt (“MW”) Glen Dhu wind farm (“Glen Dhu”), the largest wind farm in Nova Scotia.
The partners have entered into a senior secured, long term, non-recourse debt facility (the “Facility”) of $114.7 million, and have put in place a $5.9 million variable rate standby loan facility for the purpose of funding debt service reserve requirements under the Facility.
The refinancing extends the maturity of Glen Dhu’s debt to December 2030, aligning with the remaining term of the Glen Dhu power purchase agreement, and replaces the previous floating rate debt facility with a fully amortizing facility that bears interest at a fixed rate of 5.33%. The imputed interest cost of the prior loan was in excess of 6.0%.
In addition, the financing is expected to free up significant capital for the partners, approximately $8.0 million of which is attributable to ReD, thereby reducing its cost of the Shear Wind acquisition. This additional cash will be used to fund the Company’s current contracted development projects, acquisitions and for working capital.
“This new agreement fully protects ReD from rising interest rates, provides it with additional cash and increases the internal rate of return on the project,” said Jeff Jenner, Chief Executive Officer of ReD. “We appreciate the trust of our partner throughout this process”.
The syndicated Facility was arranged by Stonebridge Financial Corporation.
About Renewable Energy Developers Inc.
ReD is dedicated to the development, ownership and operation of renewable energy projects. Through project development efforts, acquisitions, partnerships and joint ventures, ReD provides its shareholders with income and growth from the renewable power generation sector of the energy industry. On July 3, 2013 the Company announced a definitive agreement with Capstone Infrastructure Corporation (TSX: CSE; CSE.PR.A; CSE.DB.A – “Capstone”) whereby Capstone will acquire all the outstanding shares of ReD by way of a share exchange (the “Transaction”). The Transaction will result in a larger infrastructure company with power generation facilities across Canada totaling approximately net 465 MW of installed capacity, an attractive pipeline of contracted development opportunities in Canada representing net 79 MW of capacity, and international investments in regulated water and district heating businesses.
Certain information contained in this press release may constitute “forward-looking information” which reflects the current expectations of ReD. This information reflects ReD’s current beliefs with respect to future events and is based on information currently available to management. Forward-looking information involves significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking information, including the risks listed under the heading “Risk Factors” in the Company’s Revised Annual Information Form dated April 2, 2013. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information contained in this release. Although forward-looking information contained in this release is based upon what ReD believes to be reasonable assumptions, management cannot assure investors that actual results, performance or achievements will be consistent with this forward-looking information. The forward-looking information is made as of the date of this release and ReD does not assume any obligation to update or revise it to reflect new events or circumstances, except as required by law.
For more information, please contact:
Jeff Jenner, CA, CBV
President and Chief Executive Officer
Renewable Energy Developers Inc.
(416) 815 0700 ext. 238