CIE advises Namunashu LP in the acquisition of a minority participation in the Rivière-du-Moulin wind energy project
CIE acted as renewable energy financial advisors and first nation energy project experts for Namunashu LP during the acquisition process of a 5% equity interest in the 350 MW Rivière-du-Moulin wind energy project. The Rivière-du-Moulin project is the largest on-shore wind energy project in Canada. The project is located in the unorganized territory (UT) of Lac Pikauba in the MRC de Charlevoix and the UT of Lac Ministuk in the MRC du Fjord du Saguenay. The project area is located entirely on public lands.
Our role for this first nation energy project
As renewable energy financial advisor to the Conseil de la Première Nation des Innus Essipit and Pekuakamiulnuatsh Takuhikan, CIE assisted the two First Nations during their acquisition of a 5% equity interest, sold by EDF EN Canada, in the 350 MW wind farm project Rivière-du-Moulin developed by EDF. CIE participated in the due diligence leading to the signature of the asset purchase agreement and other required agreements. CIE then led the project financing process, which consisted in negotiating subordinated debt and obtaining the required equity to complete the acquisition. 100% of the equity was obtained by way of a grant from the Indigenous and Northern Affairs Canada as well as a loan from the First Nations Finance Authority.
Going forward, CIE continues to act as financial manager on behalf of Namunashu’s. Financial project management services include day-to-day accounting activites, bank accounts management, debt payments and monitoring, preparation of quarterly financial statements and assistance during the preparation of annual financial statements and auditing process.
Adding to CIE’s first nation expertise
This transaction adds to a series of previous first nation energy project that CIE was involved in. Our team of renewable energy and infrastructure advisors have gained knowledge in helping first nations develop and finance energy and infrastructure projects in Quebec and Ontario and understand their various needs and issues.
Click here for more information and to access an article from Windpowerengineering.com. Visit the Project page for financial highlights of the project as well as our other first nation energy projects. For more information about our services, please contact our team.