Manulife Financial has completed a C$179 million financing with Invenergy Wind North America for the construction and long-term operation of the Raleigh Wind Project, a 78 MW wind farm in western Ontario.
Manulife formed a syndicate providing C$175 million in construction and term loans and C$4 million in contract support for the project. It is the agent and lead lender, with an investment of $88 million.
The wind farm, located between Chatham and Windsor, consists of 52 GE 1.5xle wind turbine generators, with 82.5-meter diameter rotors installed on 80-meter towers.
This wind farm financing is the fourth arranged by Manulife in the last year. The company anticipates completing several additional renewable power project financings in 2010. In the past five years, it has arranged C$1.4 billion and provided C$800 million in financing for 11 projects in Canada.
Electricity generated by the project will be sold into the Ontario Independent Electricty System Operator's competitive wholesale market with the price fixed under a contract for differences with the Ontario Power Authority for a term of 20 years.
Manulife has previously worked with Invenergy in helping finance wind projects in Montana, Colorado and Idaho.
SOURCE: Manulife Financial