Toronto, Canada [RenewableEnergyWorld.com] Manulife Financial announced the completion of a CAN $179 million financing with Invenergy Wind North America for the construction and long term operation of a 78-megawatt (MW) wind farm in western Ontario.
Manulife formed a syndicate providing $175 million in construction and term loans and $4 million in contract support for the project. It is the agent and lead lender with an investment of $88 million.
Invenergy Wind North America LLC, a unit of U.S.-based Invenergy Wind LLC, is constructing the Raleigh Wind Project, which is located approximately 13 kilometers south of Chatham and approximately 64 kilometers east northeast of Windsor. The project will consist of 52 General Electric 1.5xle wind turbine generators with 82.5 metre diameter rotors installed on 80 metre towers.
This wind farm financing is the fourth arranged by Manulife over the past year. The company anticipates completing several additional renewable power project financings in 2010. Electricity generated by the project will be sold into the Ontario IESO competitive wholesale market with the price fixed under a contract for differences with the Ontario Power Authority for a term of 20 years.