Northland Power Income Fund (Northland) has announced that it has completed financing for its wholly-owned 100MW wind farm in the Gaspesie region of Quebec near Mont Louis.
The financing was provided by The Manufacturers Life Insurance Company and The Canada Life Assurance Company and consists of a CAN$ 106 million non-recourse construction loan that will convert to a 20-year amortizing term loan after the start of commercial operations. In addition Invesstissment Quebec, a provincial government investment agency, has agreed to provide the project with CAN$ 15 million of debt financing. The total project costs are CAN$ 146 million net, after reimbursement of substation and interconnection costs by Hydro-Quebec. Construction of the wind farm was begun in June 2010. Commercial operations are expected to begin in the third quarter of 2011, subject to completion of the project's interconnection facilities by Hydro-Quebec. The project is using 67 GE 1.5sle turbines.
The financing was provided by The Manufacturers Life Insurance Company and The Canada Life Assurance Company and consists of a CAN$ 106 million non-recourse construction loan that will convert to a 20-year amortizing term loan after the start of commercial operations. In addition Invesstissment Quebec, a provincial government investment agency, has agreed to provide the project with CAN$ 15 million of debt financing. The total project costs are CAN$ 146 million net, after reimbursement of substation and interconnection costs by Hydro-Quebec. Construction of the wind farm was begun in June 2010. Commercial operations are expected to begin in the third quarter of 2011, subject to completion of the project's interconnection facilities by Hydro-Quebec. The project is using 67 GE 1.5sle turbines.
