Polaris Infrastructure Inc., a Toronto-based company engaged in the operation, acquisition, and development of renewable energy projects in Latin America, has closed on a US$27 million loan financing with the Brookfield Infrastructure Debt Fund, a global credit-focused fund managed by Brookfield Asset Management Inc.
The Loan has been made to a 100% owned non-operating subsidiary of Polaris that holds all of the equity of its operating run-of-river hydro projects in Peru, including the Canchayllo (5 MW), El Carmen (8 MW) and the 8 de Agosto (20 MW) projects.
The use of proceeds of the loan will be to repay the US$4.0 million aggregate principal amount of the existing senior loan at Canchayllo, with the remaining net proceeds to be used for general corporate purposes by Polaris.
Under the terms of the Loan, Brookfield Infrastructure Debt Fund has been granted senior security on the Canchayllo project and second security on the El Carmen and 8 de Agosto projects and has an 8- year term.
