The 100.5 MW Mont Louis wind energy project was awarded a contract in 2004 to supply power to Hydro-Quebec under a 20 year Power Purchase Agreement. GE Canada is expected to supply 67 GE 1.5sle wind turbines for the project.
The total cost of the project is expected to be $176 million, or $146 million net after reimbursement of substation and interconnection costs by Hydro-Quebec. Northland anticipates raising approximately $120 million of debt financing for the project, with financial close expected in September 2010.
Northland is a Canadian income trust that has ownership or economic interests in 10 power projects totaling over 1,100 megawatts ("MW") (net 872 MW). Northland’s assets comprise natural-gas-fired plants which efficiently and cleanly produce electricity and steam as well as facilities generating renewable energy from wind and biomass.
Sales are made almost entirely under long-term contracts with a current average duration of 13 years. Northland’s plants are located in Canada, the United States and Germany. In addition, Northland has the 86 MW Spy Hill project, 260 MW North Battleford project and 216 MW of wind energy, solar and run-of-river hydro projects awarded under the Ontario Power Authority’s Feed-in-Tariff program in advanced stages of development.
Northland also has a diverse development portfolio of high-quality ‘Clean and Green’ energy projects, including wind, solar, natural gas, and hydro assets that supports its strategy of sustainable growth primarily through internally developed opportunities. The Fund’s trust units and two series of convertible debentures, which trade on the Toronto Stock Exchange under the symbols NPI.UN, NPI.DB and NPI.DB.A respectively, are qualified investments for RRSPs and DPSPs under the Canadian Income Tax Act.
The Fund has in place a distribution re-investment plan that allows Unitholders who are residents of Canada to automatically have their monthly cash distributions reinvested in additional units. Participants do not pay any costs associated with the plan, including brokerage commissions. For further information or to join the plan, contact your financial advisor or broker.