McLean's Mountain Wind Power Project Closes $135.2M Financing

McLean's Mountain Wind Limited Partnership, an entity owned equally by Northland Power Inc. and Mnidoo Mnising Power Limited Partnership (MMPLP) – a limited partnership owned by the six First Nations of the United Chiefs and Councils of Mnidoo Mnising – and a group of life insurance companies comprised of The Manufacturers Life Insurance Company (Manulife), as agent and as a lender, and Sun Life Assurance Company of Canada, as a lender, (together with Manulife, the lenders), closed a $135.2-million non-recourse construction and term project financing for the McLean's Mountain wind project located on McLean's Mountain, Manitoulin Island, Ontario.

The 60 MW project is expected to reach commercial operation in February 2014. Electricity generated by this project will be sold under a 20-year Feed-in Tariff contract with the Ontario Power Authority.

McLean's LP and NPI were represented by Borden Ladner Gervais LLP with a team of Linda Bertoldi, Bruce Fowler, Jenna Grant and John Vellone (electricity markets and project finance); Stephanie Campanaro (real estate) and Adam Chamberlain (environmental and aboriginal); and by Osler, Hoskin & Harcourt LLP with a team of Bob Beaumont and Elliot Smith (construction and energy).

MMPLP was represented by Olthuis Kleer Townshend LLP with a team of Oliver MacLaren and Liora Zimmerman; and by Gardiner Roberts LLP with a team of Edgar Hielema and Lori Mark.

The lenders were represented by Davies Ward Phillips & Vineberg LLP with a team of Nick Williams, Will Buchner and Gillian Muirhead (banking and project finance); Sarah Powell (energy and environmental) and Gabriella Lombardi and Pawel Mielcarek (real estate).