IAM Private Debt Group, a division of Integrated Asset Management Corp (TSX: IAM), has provided $15 million in financing to Biomont Energy LP. The loan will fund the construction and operation of a 4.8 megawatt cogeneration facility that will utilize landfill and natural gas to generate electricity and heat. The facility is located near Montréal’s Saint Michel Environmental Complex landfill. The project’s investors are Eolectric Inc, Valeco Énergie Québec Inc and Fondaction CSN, a Québec venture capital and private equity firm.
Integrated Asset Management Corp. and IAM Private Debt Group Announce $15 Million Financing for Biomont Energy Limited Partnership
TORONTO, ONTARIO–(Marketwired – Sept. 27, 2016) – Integrated Asset Management Corp. (“IAM”) (TSX:IAM) and its private corporate debt division, IAM Private Debt Group, today announced a financing of $15 million for Biomont Energy Limited Partnership.
The loan from the IAM Private Debt Group will finance the construction and long term operation of a 4.8 MW cogeneration facility that will utilize landfill and natural gas to generate electricity and heat (the “Facility”). The electricity will be sold to Hydro-Québec under a 25-year power purchase agreement and thermal energy to local users. The Facility is located in the City of Montreal near the Saint Michel Environmental Complex landfill.
The Project’s limited partners are Eolectric Inc, Valeco Énergie Québec Inc and Fondaction CSN.
About the limited partners:
Eolectric Inc.: Eolectric has been a pioneer in Canada’s wind energy industry since 1994. Eolectric specializes in the development, financing, construction, and operation of renewable energy projects in North America. Eolectric, together with its partners, has developed more than 800 MW of operational wind farms, and holds a portfolio of renewable energy projects representing almost 2,000 MW. In addition to project development, Eolectric manages the Club Eolectric, L.P. investment fund, as well as the 101 MW Vents du Kempt wind farm. Proud of its mission, Eolectric holds itself to high standards with regard to sustainable development and social acceptability.
Valeco Énergie Québec Inc.: The VALECO Group is a French company focusing on renewable energy projects owned by the Gay Holding (64.6%) and the Caisse des Dépôts et Consignations (35.6%). VALECO specializes in the development, financing, construction, operation and maintenance of renewable energy projects in France. The VALECO Group operates wind farms and solar photovoltaic farms with an aggregate installed capacity of approximately 255 MW and has approximately another 180 MW under construction. The Biomont project will be its first project in Quebec. The Group is recognized for developing its projects in a respectful manner with all stakeholders, including local communities, partners and financial institutions.
Fondaction CSN: Fondaction CSN manages $1.5 billion in assets from retirement savings collected from over 131,000 shareholders. Through its investments and commitments, either directly or by way of partner or specialized funds, Fondaction supports the development of more than 1,050 SMEs, which make a distinct contribution and which include many social economy businesses.
The IAM Private Debt Group manages and provides funding from the $2.6 billion Integrated Private Debt Fund LPs on behalf of Canadian pension funds, endowments, foundations and other institutional investors.
The Group offers fixed rate, investment grade term loans to mid-market companies for such purposes as refinancing existing debt, acquisitions, plant expansion or modernization, project financing and management buyouts.
IAM is one of Canada’s leading alternative asset management companies with approximately $2.7 billion in assets and committed capital under management in real estate, private debt and managed futures.
A.J. Shannon, Managing Director
IAM Private Debt Group
Philip Robson, President,
IAM Private Debt Group
Photo courtesy of TOHU