In conjnction with its First Nations partners, Northland Power has reached financial close for the 100 MW Grand Bend wind farm, located near Grand Bend, Ontario.
According to Northland Power, around 85% of the project's required financing has been provided via approximately $326 million of non-recourse senior secured construction and term debt private placement fully underwritten by National Bank Financial, which also acted as the administrative agent.
The 100 MW project is a 50/50 partnership between Northland and Giiwedin Noodin FN Energy Corp., which was created to hold the equity interest of the Aamjiwnaang First Nation and Bkejwanong Territory (Walpole Island First Nation) in the project.
The Independent Electricity System Operator awarded the Grand Bend project a 20-year contract under Ontario's feed-in-tariff program for renewable energy. The project will use 40 Siemens turbines. Construction is under way, and commercial operation is expected in the first half of 2016.
The Grand Bend project is Northland's second wind project under the FIT program. The 60 MW McLean's Mountain Wind Farm, located in Manitoulin Island, Ontario, began operations in 2014. The project also features a 50/50 partnership with the local First Nations and the United Chiefs and Councils of Mnidoo Mnising.
