Canadian Hydro Developers has entered into a definitive agreement for the acquisition of the 99 MW Le Nordais Wind Plant on the Gaspe Peninsula in the province of Quebec for approximately C$109.7 million in cash, plus the assumption of existing debt against Le Nordais' assets of C$6.3 million.
Transactions are expected to be closed on or before Feb. 28, 2008, according to Canadian Hydro, which is a developer, owner and operator of 19 power generation facilities totaling net 265 MW of capacity in operation and an additional 403 MW nearing construction.
In addition, Canadian Hydro has signed a commitment letter for a 12-month, unsecured bridge facility for C$72 million of the acquisition price with its syndicate of corporate lenders co-led by the Toronto-Dominion Bank and the Bank of Nova Scotia. It is anticipated that the bridge facility will be repaid on or before maturity through the issuance of senior unsecured debentures.
Completion of the acquisition is subject to, among other things, the consent of Hydro-Quebec to the extent required by the long-term power purchase agreement that expires on Dec. 17, 2033, and the receipt of all necessary regulatory approvals.
