Capstone Infrastructure Closes $92 Million in Project FinancingJustin Doom
Capstone Infrastructure Corp., a Toronto-based energy developer, will get about C$100 million ($92 million) in financing to develop a Quebec wind farm and expand a credit facility.
Capstone will receive as much as C$60.5 million in construction and long-term financing arranged by Stonebridge Financial Corp. for its 24-megawatt Saint-Philemon wind farm. The first tranche of $56.1 million has an interest rate of 5.5 percent. It will amortize after the project is finished and matures in May 2034. The second tranche, C$4.4 million at 4 percent, will be repaid shortly after construction ends. The plant is expected to go into operation in the fourth quarter.
Capstone also increased to C$90 million from C$50 million its corporate credit line, which may be used for maintenance on a natural gas cogeneration plant next year, according to a May 21 statement on the company’s website.