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.

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