GE, Plutonic Pay $49M for Canadian Wind Project

Dec 21 2009 | 10:41am ET

GE Energy Financial Services and Vancouver-based Plutonic Power Corporation have paid CAD $52.2 million ($48.9 million) to the financially troubled EarthFirst Canada Inc for the 300-megawatt Dokie Wind Project in British Columbia.

Dokie Wind ProjectDokie Wind ProjectEarthFirst has been under court-ordered protection from creditors under the Companies' Creditors Arrangement Act.

GE and Plutonic have formed a partnership through which they will construct and operate the project’s first 144-megawatt phase which is expected to enter commercial operation by early 2011.

Manulife, Canada’s largest insurance company, led a syndicate that provided CAD 175 million ($164 million) in fixed-rate non-recourse project debt for a 20-year term. The lending syndicate consists of Manulife, Sun Life Assurance Company of Canada, The Canada Life Assurance Company and Industrial Alliance Insurance and Financial Services Inc.

Energy from the project will be sold to BC Hydro, the third-largest electric utility in Canada, under a 25-year energy purchase agreement.

The Dokie Wind project is GE Energy Financial Services’ and Plutonic’s first wind energy investment in Canada and expands their relationship beyond hydroelectric power development.


In Depth

Change In 'Accredited Investor' Definition Could Hurt Crowdfunding Space

Jul 25 2014 | 8:14am ET

The Securities and Exchange Commission is considering changes to its 30-year-old...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note