Potentia, Greengate raise C$250m in funding for Paintearth Wind project

• KfW IPEX-Bank and Canadian Fédération des Caisses Desjardins du Québec will provide the construction and operational financing
• Potentia owns 75 percent of the Paintearth Wind project, while the remaining 25 percent is owned by Greengate
• Potentia is a subsidiary of Power Sustainable Capital, Power Corp of Canada’s developer, owner and operator of renewable energy assets

Potentia Renewables and Greengate Power Corp have raised C$250 million in financing for their Paintearth Wind project currently under construction in Alberta.

KfW IPEX-Bank and Canadian Fédération des Caisses Desjardins du Québec will provide the construction and operational financing.

Paintearth is the third wind energy project Potentia has developed in partnership with Greengate. Potentia owns 75 percent of the project, while the remaining 25 percent is owned by Greengate.

“We are pleased to announce the long-term financing for the Paintearth Wind project, which has a 15-year renewable power purchase agreement with a subsidiary of Microsoft Corp. This project will support the transition to a cleaner, more resilient energy system. We thank our development partners, Greengate, and our investors for their support and look forward to delivering energy from this project to the Alberta grid in 2024,” said Ben Greenhouse, Potentia’s CEO, in a statement.

Potentia Renewables is a subsidiary of Power Sustainable Capital, Power Corp of Canada’s developer, owner and operator of renewable energy assets.

Greengate Power Corp, a Calgary-based renewable power company, is backed by Fengate Asset Management, a Toronto-based investor focused on infrastructure, private equity and real estate strategies.

Osler, Hoskin & Harcourt acted as legal counsel to Potentia and Greengate during the transaction, with Blakes, Cassels and Graydon acting on behalf of the lenders.