Canadian investment fund joins Elecnor and takes stake in the L'Érable wind farm

27 june 2014

Madrid, 27 June 2014. - Elecnor has reached an agreement through its wind energy development subsidiary, Enerfín, with the Canadian investment fund, Eolectric Club Limited Partnership, under which the latter will take a 49% stake in the 100-MW L'Érable wind farm. The facility is located in Quebec, and Enerfin will continue as the majority stakeholder and operator of the wind farm.

Eolectric Club LP's backers are Industrialist Alliance Insurance and Financial Services Inc., one of the biggest insurance companies in Canada; Fiera Axium Infraestructures Canada LP, an investment fund controlled by Fiera Capital Corporation and Axium Infraestructures Management; and Eolectric Inc., one of the main wind energy developers in the province of Quebec.

The L'Érable wind farm has been in operation since November, and the initial cash injection under this deal is estimated at 66 million Canadian dollars and will be made through a share issue.

"The stake taken in the L'Érable wind farm by this new partner, whose backers are also all Canadian, once again demonstrates our willingness to forge ties in this great country, and is a sign of its institutions' recognition of the Elecnor Group's good work," said Guillermo Planas, Enerfín's Managing Director.

Enerfín is studying new wind energy projects in the Canadian market, sited elsewhere in Quebec as well as the provinces of Ontario and British Columbia.