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.