Manulife, KfW and Caisse Provide Debt for $294 Million Wind FarmAndrew Herndon
Manulife Financial Corp., Canada’s largest insurer, is one of three lenders providing long term financing for a C$300 million ($294 million) wind farm that’s under construction in Quebec.
KfW Group also participated with Caisse de Depot et Placement du Quebec, project sponsor Eolectric Inc. said today in a statement that didn’t disclose terms. Caisse, an institutional fund manager, is loaning C$50 million, it said in a separate statement.
The loans are in the “vicinity” of about 75 percent of the project cost, with a term longer than 15 years, Hugo Bouchard, chief investment officer of Eolectric Management, said today by telephone. He wouldn’t provide exact terms.
The Vents du Kempt project will consist of 43 Enercon GmbH 2.35-megawatt wind turbines and is expected to enter operation Dec. 1, 2014, Eolectric said. Hydro-Quebec will purchase the electricity for 20 years for about 10 Canadian cents a kilowatt-hour, Bouchard said.
A fund backed by Brossard, Quebec-based Eolectric owns a 51 percent stake in the project, the company said. The remainder is owned by a Fiera Axium Infrastructure Inc. fund.