Mar 16 2010
Manulife Financial has completed a $194.5 million financing for the construction and operation of the 90-MW Thames River Project with a portfolio of nine 10-MW wind farms with Boralex Inc. The wind farms are located in south-western Ontario.
Manulife formed and a led a consortium of Canadian life insurance companies for financing the Thames River Project with a total of $194.5 million in term and construction loans for a period of 21 years. Manulife has invested $88.5 million.
The Thames River Project comprises a portfolio of nine 10 MW wind farms. These nine wind farms are independent contractually and operationally and are located in between Lake Erie and Lake St. Clair in south-western Ontario. Out of the nine wind farms, four have been commissioned. The remaining five wind farms are scheduled to be completed later in 2010.
This is the fifth wind farm financing that has been arranged by Manulife during the last year. The company is expecting to complete several renewable energy project financings in 2010. The company is a leading provider and arranger of debt financing for renewable power projects in Canada. Over the past five years, Manulife has arranged financing for 12 projects in Canada totaling $1.6 billion. It has provided $900 million for the projects.
Each of the nine wind farms comprises five Enercon GmbH 2 MW E-82 wind turbine-generators. Under the Advanced RESOP contracts, the power generated from the nine wind farms will be purchased by Ontario Power Authority.
Source: www.boralex.com