Port of Argentia has reached a binding agreement on commercial terms with Pattern Renewable Holdings Canada 2 ULC for a planned renewable energy to green fuels project at Argentia. Argentia Capital (ACI), the Port’s 50/50 partnership with Torrent Capital, is a signatory to the agreement.

Genny Picco, Port Board Chairperson stated, “Today, we are announcing an agreement on Pattern’s wind energy to ammonia project which will generate significant wealth, business opportunities and employment for our region for decades. Pattern Energy is proving to be an ideal development partner and we are excited about the benefits this project will bring in the years to come.”

CEO Scott Penney said, “Pattern Energy is taking a Lease Option on some 6,000 acres of industrial and forest lands owned by the Port. Should it exercise its Option and proceed with the project, it will construct a 300-megawatt wind energy facility designed to power the production of green ammonia for export to global markets. A global leader in renewable energy developments, Pattern Energy’s plans also include additional phases which could include increasing wind energy production utilizing Crown Lands and the expansion of their ammonia production plant on site at Argentia. “

Key commercial terms include land lease rates at the Port, priority berthing charges, and a wind royalty on electricity sales. The agreement also includes commercial terms for ACI to co-invest in the renewable project as a Limited Partner as well as receive a gross revenue royalty on ammonia sales.

Wade Dawe, President and CEO of Torrent Capital said, “ACI is executing on its strategy of working with the Port to capture revenue streams from third party equity and royalty opportunities. As a partner in ACI, Torrent will take the lead in raising the capital necessary for ACI to exercise its co-investment right in the renewables project.”

“This agreement sets the stage for Pattern Energy to continue development on this exciting project. Pattern has brought the Port, through its partnership in ACI, in as an equity partner, which will strengthen the Port in its role as the region’s key economic driver,” said Dwight Ball Chairperson of ACI.