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Northland Power Income Fund announces funding for Thorold Cogeneration Project for US$520 million

Fasken
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Northland Power Income Fund (Independent Trustees)

On August 16, 2007, Northland Power Income Fund and Northland Power Inc. announced that financing for the 265 megawatt $520 million Thorold Combined Heat and Power Project had been arranged. The Fund has committed to provide $30 million to Thorold CoGen L.P., the developer and owner of the Project. Thorold CoGen L.P. is owned by Northland Power Inc., the owner of the Manager of the Fund. The Fund has committed to provide a $30 million loan, with recourse limited to the assets of Thorold CoGen L.P. and subordinated to the senior secured project debt, in association with and on the same terms as the two other sub debt lenders, the Manufacturers Life Insurance Company and Sun Life Assurance Company of Canada. Senior secured debt financing of $415 million is being provided by Bank of Montreal, Manulife and Sun Life. Northland Power Inc. is the project sponsor and has provided the required equity. The independent trustees of Northland Power Income Fund were advised by Fasken Martineau with a team that included Bill Orr, Sean Stevens and Catherine Fraser in connection with the financing of the Thorold Co-Generation project.

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