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.
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.