Canadian wind farm financing

Manulife Financial completed C$117 million (US$114.67 million) worth of financing with International Power Canada for the construction and long term operation of a 48.6 MW wind farm in southwestern Ontario.

Manulife formed and led a syndicate of Canadian life insurance companies to provide construction and term loans for 21 years to support the Pointe-Aux-Roches Wind Power Project. Manulife is the arranger and agent with an investment of $60 million.

The 48.6 MW Pointe-Aux-Roches Wind Power Project consists of 27, 1.8 MW wind turbines. Construction is expected to be completed in 2011. The Ontario Power Authority signed a feed-in tariff contract to buy some of the output from the project.

In the past five years, Manulife it has arranged C$1.8 billion (US$1.76 billion) and provided C$840 million (US$823.28 million) in financing for 13 projects in Canada.

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