Capstone Infrastructure closes refinancing of Amherstburg Solar Park

Capstone Infrastructure Corporation has closed a CAD$95 million refinancing for the 20 MW Amherstburg Solar Park in Southwestern Ontario, Canada.

The refinancing has been provided by The Canada Life Assurance Company and The Great-West Life Assurance Company.

The new long-term loan, which repays the outstanding principal debt on Amherstburg Solar Park as well as covering swap break fees and closing costs, carries a fixed interest rate of 3.49% and fully amortizes over the remainder of the facility's power purchase agreement, which expires in 2031.

The Amherstburg Solar Park is a 20 MW crystalline solar photovoltaic (PV) power project in Amherstburg, Ontario designed, built and operated on Capstone Infrastructure’s behalf by SunPower. The project also uses SunPower's proprietary single-axis Tracker T20 system.

SunPower is providing O&M services under a 20-year contract, including preventative maintenance, system monitoring, provision and maintenance of a spare parts inventory, repairs, customer service support and ongoing reporting.

Capstone's strategy is to develop, acquire and manage a portfolio of high quality utilities, power and transportation businesses, and public-private partnerships that operate in a regulated or contractually-defined environment and generate stable cash flow. Capstone currently has investments in utilities businesses in Europe and owns, operates and develops thermal and renewable power generation facilities in Canada with a total installed capacity of net 466 MW.