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Manulife Completes $194.5m Financing With Boralex

IBR Staff Writer Published 15 March 2010

Manulife Financial has completed a $194.5m financing with Boralex for the construction and long term operation of a portfolio of nine 10MW wind farms in south-western Ontario.

The company said that it has formed and led a syndicate of Canadian life insurance companies to provide a total $194.5m in construction and term loans of 21-year term to support the Thames River Project. It is arranger and agent with an investment of $88.5m.

The company said that 90MW Thames River Project consists of a portfolio of nine separate operationally and contractually independent 10MW wind farms located in south-western Ontario between Lake St Clair and Lake Erie. The westerly 10MW wind farm is approximately 20km south of Windsor and easterly wind farm is approximately 30km south-east of Chatham.

In addition, four of the nine wind farms have been completed and commissioned and the remaining wind farms are under construction with scheduled completion later this year.

According to Manulife, each of nine 10MW wind farm will have five 2MW E-82 wind turbine-generators from Enercone. Electricity generated by the nine 10MW wind farms will be sold to Ontario Power Authority under the Advanced RESOP contracts.

Bill Sutherland, senior managing director and head of Canadian project finance team at Manulife Financial, said: “We are very pleased to assist Boralex through the arrangement and providing of financing to support this significant wind power project. The Thames River Project is well underway and we look forward to its successful completion by the end of this year.”