Manulife Arranges $179 Million in Financing for 78mw Invenergy Wind Farm in Ontario
January 28 2010 - 1:37PM
PR Newswire (US)
- Manulife Forms Financing Syndicate; Provides $88 Million In
Support Of Project Developed By Invenergy Wind North America -
Environmentally Friendly Project Will Provide Electricity To
Thousands Of Ontario Homes - Project Expected To Be Operational
Later This Year TORONTO, Jan. 28 /PRNewswire-FirstCall/ -- Manulife
Financial today announced the completion of a $179 million
financing with Invenergy Wind North America for the construction
and long term operation of a 78 megawatt 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. "We
are very pleased to have been entrusted by Invenergy to arrange and
provide financing in support of the development of this important
project. Invenergy is a leading developer, owner and operator of
renewable power projects with over 2,000 megawatts of wind power
developed to date. We look forward to their successful completion
of the Raleigh Project later this year," said Bill Sutherland,
Senior Managing Director and Head of the Canadian Project Finance
Team at Manulife Financial. "As one of Canada's industry leaders in
financing renewable energy generally, and wind farms in particular,
Manulife supports projects like the Raleigh wind farm that are
environmentally friendly and help build the long-term economic
growth of the province, Canada and North America." "Invenergy sees
renewable energy through projects like the Raleigh Wind Project
continuing to grow in importance throughout Canada and North
America for years to come," said Andrew Flanagan, Invenergy's Vice
President for Business Development in Canada, "We are committed to
the growth of this business and appreciate Manulife's commitment to
the industry." 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.
Manulife is a leading arranger and provider of debt financing for
renewable energy projects in Canada. In the past five years, it has
arranged $1.4 billion and provided $800 million in financing for 11
projects in Canada. 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. The OPA is an independent
non-profit, non-taxable corporation established by the Province of
Ontario under the Electricity Restructuring Act of 2004. Manulife
has worked with Invenergy previously, helping to finance a
portfolio of three wind projects in Montana, Colorado and Idaho.
The portfolio has performed exceedingly well with production over
the past two years exceeding the original forecast. About Manulife
Financial Manulife Financial is a leading Canadian-based financial
services group serving millions of customers in 22 countries and
territories worldwide. Operating as Manulife Financial in Canada
and Asia, and primarily through John Hancock in the United States,
the Company offers customers a diverse range of financial
protection products and wealth management services through its
extensive network of employees, agents and distribution partners.
Funds under management by Manulife Financial and its subsidiaries
were Cdn$437 billion (US$407 billion) as at September 30, 2009.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and
PSE, and under '945' on the SEHK. Manulife Financial can be found
on the Internet at http://www.manulife.com/. DATASOURCE: Manulife
Financial CONTACT: Brian Carmichael, +1-617-663-4748, Web Site:
http://www.manulife.com/
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