GE Energy Financial Services, a Stamford, Conn.-based unit of General Electric, and Plutonic Power Corp., headquartered in Vancouver, British Columbia, have completed their purchase and will resume construction of the 300 MW Dokie Wind Project, the largest wind farm in the province.
According to the companies, GE and Plutonic jointly contributed C$52.5 million to purchase the fully permitted project from EarthFirst Canada Inc. The companies have formed a partnership through which they will construct and operate the project's first phase, which is expected to generate 144 MW by early 2011. Construction is scheduled to ramp up next month, the companies add, with most of the work commencing in the spring.
Energy from the project will be sold to BC Hydro under a 25-year power purchase agreement. The lending syndicate consists of the Manufacturers Life Insurance Co., which led a syndicate that provided C$175 million in fixed-rate nonrecourse project debt for a 20-year term; Sun Life Assurance Company of Canada; the Canada Life Assurance Co.; and Industrial Alliance Insurance and Financial Services Inc.
SOURCES: GE Energy Financial Services, Plutonic Power Corp.
