Conifex closes funding for Mackenzie power project
December 2, 2013
November 29, 2013, Vancouver, B.C. – Conifex announced that it has secured funding for its Mackenzie bioenergy power project.
November 29, 2013, Vancouver, B.C. – Conifex announced that
it has secured funding for its Mackenzie bioenergy power project.
The 36MW bioenergy power project in Mackenzie, British
Columbia has received the funding from a syndicate of four institutional
lenders led by a Canadian chartered bank.
The project financing is for an aggregate of up to $102.7
million and includes a development and construction loan for the project of up
to $82 million (the "Loan Facility"). The Loan Facility consists of a
construction loan which will mature approximately 12 months from the closing
date and convert into an amortized term loan having a term of 5 years once the
conditions to conversion are satisfied, including substantial completion of construction
of the project.
The balance of the project financing is in the form of a
letter of credit facility primarily to secure certain obligations of Conifex
Power under its existing load displacement agreement and a $1.75 million
revolving operating facility.
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