Renewable energy developer Blue Earth Inc. has raised US$10 million to fund the development of a combined heat and power plant in Canada.
Blue Earth said that Georgia-based Jackson Investment Group will buy 12% of its convertible notes that can be converted into equity at the rate of US$1 a share.
The company said it is using a combination of equity and debt to build two CHP energy plants located in Sumter, South Carolina and Brooks, Alberta. The two plants will cost US$35 million. Current equity, combined with the company’s existing debt facilities, finances all of the construction and start up costs for the Sumter facility, which is scheduled to begin producing energy in the current quarter and a large portion of the construction costs for the Brooks energy plant.
Blue Earth had previously announced that it has signed an energy purchase agreement and land lease agreement with JBS Food Canada Inc. for the Brooks co-generation power facility. Excess power generated by the co-generation power facility will be sold to the Alberta Power Pool.