Investissement Quebec has agreed to lend C$15 million to Northland Power Income Fund for the construction of a 100 MW wind farm located in the Gaspesie region of Quebec. The project was awarded a contract in 2004 to supply power to Hydro-Quebec under a 20-year power purchase agreement.
Site clearing began in early July, and the project is expected to achieve commercial operations in the third quarter of 2011, subject to completion of the project's interconnection facilities by Hydro-Quebec.
The total cost of the project is expected to be C$176 million. Northland anticipates raising approximately C$120 million of debt financing for the project, including the C$15 million from Investissement Quebec.
SOURCE: Northland Power Income Fund