On July 31, 2015, Grand Valley 2 Limited Partnership (Grand Valley), an indirect subsidiary of Veresen Inc. and others, closed on a $121 million project financing to be used for the development, construction, ownership and operation of a wind power energy generation facility near Grand Valley, Ontario.
The 40 MW wind power project is scheduled for completion in January, 2016, and will utilize 16 Siemens 3.2 model wind turbines supplied by Siemens Canada Limited. MUFG Union Bank, N.A. (MUFG) and Sumitomo Mitsui Banking Corporation of Canada (SMBC) acted as joint lead arrangers; the Lenders consist of Union Bank, Canada Branch and SMBC.
Grand Valley was represented by McCarthy Tétrault LLP with a team that consisted of Stephen Furlan, Lynn Parsons and Christopher Perez (project finance), William McCullough (real estate), Joanna Rosengarten and Heloise Apesteguy-Reux (environmental and regulatory) and Stephanie Axmann (First Nations).
The Agent and Lenders were represented by Dentons Canada LLP with a team that consisted of Joe Palin and Trevor Morawski of the project finance group of the Calgary office; Paul Shantz and Matthew Maynard (real estate), Kori Williams, Christopher Payne and Christian Orton (financial services), Helen Newland and Meredith James (regulatory, environmental and First Nations) and Vivek Bakshi and Michael Bowmile (commercial) of the Toronto office.