Laurentian Bank Participating in the Financing of a Wind Farm Construction
Project in Southern Ontario
MONTREAL, Oct. 22, 2013 /CNW Telbec/ - Laurentian Bank is pleased to announce
its participation in a financial consortium for the construction of a 270 MW
wind farm in the southern Ontario municipality of Chatham-Kent. The enterprise
to be operating this wind farm — South Kent Wind LP is indirectly owned by
Pattern Energy Group Inc. and Samsung Renewable Energy Inc., a wholly owned
subsidiary of Samsung C&T Corporation.
Being built in accordance with the provisions of the Ontario Green Energy Act,
the project is part of an agreement with the Ontario government by virtue of
which the Samsung C&T Corporation intends to develop 1,370 MW of wind and
solar energy. Having started in March of this year, construction of the wind
farm is slated for completion in Spring 2014. As of then, the farm will
generate clean, renewable energy that could meet the annual needs of 100,000
residences in Ontario, and the electricity produced will allow for the
elimination of the equivalent of 842,000tonnes of carbon dioxide generated
by coal-fired power plants.
"This promising project is situated in one of the most active regions for wind
development in Ontario, where we are getting more and more involved," explains
Éric Provost, Laurentian Bank's Senior Vice-President, Business Services.
"Thanks to our Commercial team specialised in renewable energies and
infrastructure project financing, Laurentian Bank is well positioned to take
advantage of the excellent opportunities offered by the rapidly expanding
green energy market."
Ontario is presently the largest producer of wind energy in Canada, with total
installed power of 2,242 MW. For their part, the 162 Canadian wind farms
represent total installed power of 6,927MW, currently meeting 3% of the
country's energy requirements.
About Laurentian Bank
Laurentian Bank of Canada is a pan-Canadian banking institution that has more
than $34 billion in balance sheet assets and $37billion in assets under
administration. Founded in 1846, Laurentian Bank was selected in 2012 as one
of the 10 winners of the Canada's Passion Capitalists program in recognition
of its sustained success through the promotion of passion within its ranks.
The Bank employs more than 4,200 people.
Recognized for its excellent service, proximity and simplicity, Laurentian
Bank serves more than one million clients in market segments in which it holds
an enviable position. In addition to occupying a choice position among
consumers in Québec, where it operates the third largest branch network, the
Bank has built a solid reputation across Canada in the area of real estate and
business financing thanks to its teams working out of more than 35 offices in
Ontario, Quebec, Alberta and British Columbia. Its subsidiary, B2B Bank, is a
Canadian leader in providing banking products as well as investment accounts
and services to financial advisors and brokers, while Laurentian Bank
Securities is an integrated broker, widely known for its expertise and
SOURCE Laurentian Bank of Canada
Mary-Claude Tardif Public Relations Advisor 1 855 707 0888
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-0- Oct/22/2013 13:10 GMT
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