US$280 million refinancing for two solar plants in Canada
Connor, Clark & Lunn Infrastructure has announced the closing of two separate bond financings with a total of approximately CAD359 million (US$279.3 million) for the 50 MW Windsor Solar Project and the 50 MW Southgate Solar Project.
The proceeds from these unrated private placement transactions – a CAD188 million financing for Windsor and a CAD171 million financing for Southgate – will be used to refinance the existing bank debt and swap facilities for these projects. Connor, Clark & Lunn Infrastructure has closed over CAD3 billion in solar debt financings in the Canadian and US markets over the last several years.
Located in the city of Windsor, the Windsor Solar Project is situated adjacent to the Windsor Airport, and the Southgate Solar Project is located in the township of Southgate, Ontario. Both projects achieved commercial operation in 2016 following approximately 12-month construction periods.
The projects used locally manufactured components including solar panels, inverters, and equipment housing while also generating significant economic benefits for Ontario and their local communities. Together, the two projects produce enough power each year to meet the needs of approximately 17,000 households.
The solar power generated by the projects is being sold to the Independent Electricity System Operator (IESO) under a power purchase agreement.
Matt O’Brien, President of Connor, Clark & Lunn Infrastructure, said:
“These financings represent significant milestones for the Windsor and Southgate projects. Our strong track record in building and operating these types of projects in Ontario has allowed us to attract broad support in the Canadian financing community. We would like to take this opportunity to express our gratitude to our co-investment partner, Régime de rentes du Mouvement Desjardins, and also to acknowledge the significant roles played by Samsung Renewable Energy Inc. and CarbonFree Technology Inc. in the development and construction of these projects.”
