Jacob Securities to Arrange Offshore Wind Project Financing for Beothuk Energy

Canadian Beothuk Energy Inc. (BEI) has retained Jacob Securities Inc. (JSI) to identify project financing for the company’s previously announced demonstration offshore wind park.

BEI’s plans include developing, owning and operating a portfolio of large-scale offshore wind energy projects in the Atlantic Provinces and northeastern United States. The arrangement with JSI of the project equity and project debt financing will help to fast track the growth of the Canadian offshore wind energy sector, BEI said.

The first project will be a 180 MW offshore wind farm in St. George’s Bay, Newfoundland. BEI has formally applied for a Licence and Land Use Authorization for the area through the Federal Department of Public Works and Government Services.

JSI’s Chairman and CEO, Sasha Jacob, said: “We are pleased to be working with BEI. The offshore wind energy market is a rapidly growing sector. Raising project equity and debt for this project is consistent with our focus on raising capital for high quality projects in North America and globally.”

BEI’s President and CEO, Kirby Mercer, said: “We consider JSI’s participation to be an important statement of confidence in BEI’s development, operation, and management of our offshore wind energy projects. Atlantic Canada and the northeastern United States are key areas of growth for offshore wind and we look forward to working with all of the partners to develop this untapped resource. We are currently pursuing Power Purchase Agreements in multiple jurisdictions.”

Image: Beothuk Energy