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Pattern funds Manitoba wind with offtaker loan

24 March 2010

Pattern Energy has closed a C$260 million ($255 million) debt financing with the offtaker for its St Joseph wind project in Manitoba. The Manitoba Hydro-Electric Board, owned by the province of Manitoba, has extended the project the 20-year debt  at what its president calls "a small premium to its cost of funds." In May 2009 Manitoba Hydro sold a five-year bond issue, guaranteed by the province, at an interest rate of 2.75%.

This financing of a Canadian power project by its offtaker is unusual. The most similar precedent is the increasing popularity of prepay funding structures in...

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