Connor, Clark & Lunn Infrastructure, Samsung Renewable Energy, Inc. and Six Nations of the Grand River Development Corporation have announced the closing of an approximately CAD$613 million (US$479.3 million) bond financing for the 100 megawatt (MW) Grand Renewable Solar Project (GRS project).
The financing, will be used to refinance the GRS project's existing bank debt and swap facilities. The RBC Royal Bank acted as lead arranger for the issue of the bond.
The GRS project began commercial operation in March 2015 after a 21-month construction process. The GRS project, which incorporates solar panels manufactured in London, Ontario by Canadian Solar Inc. and inverters made in Toronto, Ontario by SMA Canada Inc., produces enough clean energy to meet the needs of more than 17,000 households.
The project will supply power to the Ontario Power Authority under a 20-year PPA contract.
Matt O'Brien , President of Connor, Clark & Lunn Infrastructure, said:
"We are delighted to complete this landmark financing. The financing attracted significant support from a broad base of Canadian and US investors, making it a testament to the quality of the GRS project and the strength of our equity partners, Samsung and Six Nations, and our construction partner, CarbonFree Technology Inc. The replacement of our existing bank debt with this long-term bond further de-risks this important investment for us, a core holding in our growing infrastructure portfolio."
Steve Cho , President, Samsung Renewable Energy, said:
"This financing is the culmination of hard work over many years with our partners, Connor, Clark & Lunn Infrastructure and Six Nations. We are very pleased that the bond financing for this landmark project has now been completed. This is among the largest operating solar energy projects of its kind in Canada , and has created significant economic benefits for the Province of Ontario . Samsung is dedicated to continuing to deliver meaningful economic benefits to communities where we are building clean, renewable energy projects."