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

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...