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Northland receives C$15m loan for Quebec project

CANADA: Northland Power Income Fund has secured C$15million to fund the construction of a 100MW project in the Gasp├ęsie region of Quebec.

The funding is to come in the form of a loan from Investissement Quebec. The project itself is expected to cost around C$176million and is due to be completed in the third quarter of 2011.

Northland has a 20-year power purchase agreement (PPA) with Hydro-Quebec in place for the project.

The PPA was signed in 2004 as part of a move by Hydro-Quebec to supply 990MW of wind power with eight wind projects. The projects were split between RES and Northland.

All of the projects are using GE turbines.

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