Penn Energy Renewables closes $125 million financing for 3 Ontario solar projects

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Penn Energy Renewables closes $125 million financing for 3 Ontario solar projects

Penn Energy Renewables, Ltd. (Penn Energy) and Rabobank announced that they recently closed financing for three solar energy projects in Ontario, Canada that have an aggregate capacity of 37 MW (DC).

The projects will sell power under three separate 20-year Power Purchase Agreements to the Ontario Power Authority (OPA) as part of the OPA's Feed-In-Tariff program (FIT Program), in which Penn Energy is an active participant.

The projects are being financed through three separate term and construction facilities by Rabobank, acting as Coordinating Lead Arranger, and by KeyBank National Association and National Bank of Canada, acting as Joint Lead Arrangers.

In aggregate, the debt facilities amounted to $125 million of construction and term loans.

The Roseplain Project, located in the Township of Uxbridge, Brantgate Project, located in the Township of Burford, and Ridgefield Project, located in the City of Kawartha Lakes, are the latest in a series of solar energy plants successfully developed and constructed by Penn Energy in Ontario.

The company has closed three similar projects in the past two years.

List of country news

Country news

  • February 03, 2015

    First Reserve Acquires Kingfisher Wind from Apex Clean Energy

    First Reserve, a private equity and infrastructure investment firm exclusively focused on energy, has acquire the Canadian Kingfisher Wind power project from Apex Clean Energy, an independent renewable energy company. Read more
  • February 09, 2015

    NGP commits $400 M to launch of Prairie Storm Energy

    Natural Gas Partners, through its affiliate, NGP Natural Resources XI, L.P has made a $400 million equity commitment to Prairie Storm Energy, a firm focused on oil and gas assets in western Canada. Read more
  • February 12, 2015

    TORC Oil & Gas agrees to acquire oil assets for $128 M

    TORC Oil & Gas Ltd. (TORC) has announced that it has entered into an agreement to acquire light oil assets which are complementary to TORC’s existing conventional assets in southeast Saskatchewan (Canada). Read more
  • February 19, 2015

    Pattern Energy to transfer Canadian wind project from Pattern Development

    Pattern Energy Group Inc. has announced the addition of the 147 MW Mont Sainte-Marguerite Wind project to its list of identified Right of First Offer (ROFO) projects from Pattern Development. Read more
  • February 27, 2015

    Northland Power announces closing of Frampton Wind Project sale

    Northland Power Inc. has closed of the sale of its 66.7% interest in the 24 MW Frampton Wind Farm in Québec, Canada to Boralex Inc. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.