Greengate Power Corporation, a Calgary, Alberta-Canada-based renewable energy project developer, has held the first close of a $10.8m financing, raising gross proceeds of $5.8m.
The round was led by by Jacob Securities Inc., with participation from NGEN Partners, SAM Private Equity and TD Securities Inc.
In conjunction with the investment, Steven E. Parry, a Managing Director of NGEN, has joined Greengate’s board of directors. At the company’s next shareholders’ meeting to be held on December 16, 2010, management will ask the board to appoint Rhea Hamilton, an Investment Director of SAM Private Equity.
The company intends to use the capital to continue the development of its portfolio of wind energy projects. The remaining portion of the proceeds will be advanced to Greengate upon the completion of certain milestones.
The company is focused on the development of quality wind energy projects across Alberta with access to existing transmission and is currently developing 1,550 MW of wind energy projects on approximately 200,000 acres of private land.