Northland Power completes Jardin d'Eole wind project financing

On May 22, 2008, Éoliennes Saint-Ulric Saint-Léandre S.E.C. / Saint-Ulric Saint-Léandre Wind L.P., and its sponsor/owner Northland Power Inc., completed the $236.3 million project financing of the Jardin d'Eole wind project. When completed, the Project will consist of a 127.5 MW name plate capacity wind generation project comprised of 85 GE 1.5 MW turbines located in or near the municipalities of St. Ulric, St. Léandre and Matane, Québec.

The financing of the Project includes a $34.8 million non-recourse project subordinated loan provided by Northland Power Income Fund.

The financing completed a two-year development of the Project comprising site assembly over public and private lands, permitting, environmental review, negotiation of turbine supply and warranty agreements, power purchase agreement and balance of plant contract and various tax issues.

Northland Power Income Fund was represented by Fasken Martineau with a team consisting of Bill Orr, David Lemieux, Sean Stevens and Daniel Fabiano.