On May 22, 2008, Éoliennes Saint-Ulric Saint-Léandre S.E.C. / Saint-Ulric Saint-Léandre Wind L.P., and its sponsor/owner Northland Power Inc., completed the $236,300,000 project financing of the Jardin d'Eole wind project. When completed, the Project will consist of a 127.5 MW name plate capacity wind generation project comprised of 85 GE 1.5 MW turbines located in or near the municipalities of St. Ulric, St. Léandre and Matane, Québec.
The financing of the Project is comprised of $201.5 million non-recourse project senior credit facilities provided by The Manufacturers Life Insurance Company, Sun Life Assurance Company of Canada and The Great-West Life Assurance Company, and a $34.8 million non-recourse project subordinated loan provided by Northland Power Income Fund.
The financing completed a two-year development of the Project comprising site assembly over public and private lands, permitting, environmental review, negotiation of turbine supply and warranty agreements, power purchase agreement and balance of plant contract and various tax issues.
Éoliennes Saint-Ulric Saint-Léandre S.E.C. / Saint-Ulric Saint-Léandre Wind L.P. and Northland Power Inc. were represented by Borden Ladner Gervais LLP with a team led by Linda Bertoldi and consisting of Bruce Fowler, Sylvie Bouvette, Benoît Provost, Christine Duchaine, Yves Dubois, Tracy Robillard, Dominic Damiani, Gus Karantzoulis, Shane Freitag, Josephine Shapiro, Tammy Shulman, Caroline Émond, Anne-Marie McSween, Stephen Fyfe and Daniel Lang with the development team comprising Linda Bertoldi, Shane Freitag and Stephen Fyfe in Toronto and Sylvie Bouvette, as lead in Montreal, with Christine Duchaine, Yves Dubois, Caroline Émond and Anne-Marie McSween.
The Senior Lenders were represented by McCarthy Tétrault LLP with a team led by David Lever and Stephen Furlan and consisting of Michael Weizman, Ana Badour, Louis-Nicolas Boulanger, Lynn Parsons, Kordell Fournier, Kim Thomassin, Danielle Drolet and Andree-Claude Berube.
The Subdebt Lender was represented by Fasken Martineau DuMoulin LLP with a team consisting of Bill Orr, David Lemieux, Sean Stevens and Daniel Fabiano.