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RE Royalties Acquires Royalties on 40MW Operational Wind Projects in Nova Scotia and Completes Convertible Note Financing
VANCOUVER, BC / ACCESSWIRE / February 6, 2020 / RE Royalties Ltd . (TSXV:RE) ("RE Royalties...
About this update from Re Royalties Ltd.
[{"type":"text","content":"RE Royalties Acquires Royalties on 40MW Operational Wind Projects in Nova Scotia and Completes Convertible Note FinancingVANCOUVER, BC / ACCESSWIRE / February 6, 2020 / RE Royalties Ltd. (TSXV:RE) (\"RE Royalties\" or the \"Company\") is pleased to announce that it has acquired a portfolio of 12 gross revenue royalties on 12 operational wind energy generation projects in Nova Scotia, Canada (\"Nova Scotia Wind Projects\") from Scotian Windfields Inc. (\"Scotian Windfields\") for $1.34 million. The Company also provided an interest-bearing senior secured loan to Scotian Windfields of $3.3 million dollars with a term of 3 years.The Nova Scotia Wind Projects were developed from 2013 to 2017 and have been operating for between 3 and 6 years. The Nova Scotia Wind Projects have a generating capacity of 39.7 megawatts, and have 20-year power purchase agreements with fixed electricity purchase prices from Nova Scotia Power Incorporated (\"NSPI\"). The Nova Scotia Wind Projects generate approximately 130,000 megawatt hours of clean energy per year; capable of removing over 105,000 tonnes of CO2 equivalent (1) from the electricity grid.Peter Leighton, COO of the Company, commented, \"We are pleased to acquire this portfolio of royalties from Scotian Windfields and are excited to be part of Nova Scotia's ongoing efforts to move away from carbon-based electricity to help them achieve their goal of having 40% renewable energy sources by 2020. This transaction demonstrates the strength of RE Royalties' financing model in creating a win-win solution for our clients, shareholders and the environment.\"Joe Fitzharris, President of Scotia Windfields Inc. commented, \"We are pleased to have RE Royalties help us secure our ownership in these important community projects. Our local shareholders will now have a better opportunity to realize return on their invested capital and securing our long term financial stability will allow us to continue exploring ways to support community development while reducing carbon intensity\".The acquisition of the Nova Scotia Wind Projects increases RE Royalties portfolio from 63 royalties to 75 royalties on solar, wind and hydro projects in Canada, Europe and the United States.Convertible Note FinancingThe Company also issued a series of unsecured, convertible notes (\"Convertible Note\") totaling $1.6 million to ce...