Thorold Cogen and Northland Power Complete $521.5M Project Financing

On August 17, 2007, Thorold Cogen LP and its owner Northland Power Inc., completed the $521.5 million project financing of the Thorold Cogen project. When completed, the Project will consist of a 265 MW gas-turbine-based combined-cycle cogeneration facility located in Thorold, Ontario adjacent to an Abitibi-Consolidated Company of Canada recycled newsprint mill that will serve as the steam host.

The financing of the Project is comprised of a $451.5 million non-recourse project senior loan provided by Bank of Montreal, The Manufacturers Life Insurance Company and Sun Life Assurance Company of Canada, and a $70 million non-recourse project subordinated loan provided by Manulife, Sun Life and Northland Power Inc.

Thorold Cogen LP and Northland Power Inc. were represented by Borden Ladner Gervais LLP, with a team led by Linda Bertoldi and consisting of Bruce Fowler (energy and lending), James Mathers (lending), Shane Freitag, Christine Long, Domenic Damiani, Tracy Robillard and Josephine Shapiro (energy) and Paul McCarten and Stan Dantowitz (real estate).

The Senior Lenders were represented by McCarthy Tétrault LLP with a team lead by Stephen Furlan and consisting of Michael Weizman, George Vegh, Don McLeod and Rochelle Graub (energy and regulatory); Richard Higa, Justin Lapedus and Ana Badour (lending); and, John Currie and David Bross (real estate).

The Subdebt Lenders were represented by Ogilvy Renault LLP with a team comprised of Nicholas Williams, Ella Plotkin and Aditya Rebbapragada.

The independent trustees of Northland Power Income Fund were advised by Fasken Martineau DuMoulin LLP with a team that included Bill Orr, Sean Stevens and Catherine Fraser in connection with the financing of the Thorold Co-Generation project.

Lawyer(s)

John C. Currie Justin A. Lapedus Domenic Damiani Sean S. Stevens Tracy D. Robillard James W. Mathers Ella Plotkin Richard T. Higa Michael Weizman Donald J. McLeod Stephen Furlan Ana Badour Linda L. Bertoldi W. Paul McCarten David Bross Nicholas C. Williams Catherine K. Fraser Meagher Christine E. Long George Vegh Shane Freitag William K. Orr