Vancouver's Western Wind Energy Corp. (TSX-V:WND) has engaged the Manufacturers Life Insurance Company to arrange up to $200 million in senior secured project financing for its 120-megawatt California wind project.
The financing will cover the bulk of the expected $270 million cost of the Windstar project in Tehachapi, California. The term of the financing would include the construction period, plus 20 years, and interest would be fixed at a market rate set upon closing of the deal.
The company said Manulife plans to syndicate a portion of the financing to one or more institutional investors.
Western Wind's share price range during the past week: between $1.05 and $1.29; 52-week high: $2.92; 52-week low: $0.50.