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Ontario's renewable energy sector gathered another blue-chip backer Thursday, as insurer Manulife Financial led a $179-million financing for a wind farm planned for the farmlands near Windsor, Ont.

Manulife is the lead lender and adviser on a loan package for Invenergy Wind North America, which plans a 78 megawatt facility that will be home to 52 turbines, housed on 80-metre towers. Over the past few years, Manulife financed three other successful Invenergy wind projects, in Montana, Colorado and Idaho.

The new Ontario facility will be 64 kilometres northeast of Windsor, a city with a large industrial base. Electricity generated by the Invenergy project will be sold into the Ontario IESO competitive wholesale market, with the pricing framework set over the next 20 years under a contract struck with the Ontario Power Authority.

Manulife bills itself as a leading arranger and provider of debt financing for renewable energy projects in Canada, with a role in $1.4-billion of loans to 11 projects over the past five years.

Inverergy now operates wind power plants that generate 2,000 megawatts of wind power.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/03/24 4:00pm EDT.

SymbolName% changeLast
MFC-N
Manulife Financial Corp
+1.34%24.99
MFC-T
Manulife Fin
+1.2%33.83

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