Connor, Clark & Lunn Infrastructure and Samsung Renewable Energy Inc. have announced the closing of an approximately C$633 million bond financing for the 100 MW Kingston Solar Project, located in Ontario. The companies say the transaction, one of the largest renewable energy bond financings ever completed in Canada, will be used to refinance the project’s existing bank debt and swap facilities.
“We are delighted to complete this significant financing,” said Matt O’Brien, president of Connor, Clark & Lunn Infrastructure. “Attracting support from a broad base of Canadian and U.S. investors, the financing was a reflection of the scale and quality of the project and the strength of its ownership group.”
The Kingston project went online in September 2015 after a 14-month construction process, and it features solar panels from Canadian Solar and inverters from SMA. The solar power generated by the project is being sold to the Independent Electricity System Operator under a power purchase agreement.
“The completion of the Kingston Solar Project bond financing marks an important milestone for this project,” said Steve Cho, president of Samsung Renewable Energy. “This financing is the culmination of hard work over many years with our partner, Connor, Clark & Lunn Infrastructure.”
The two companies say they have together closed more than C$1 billion in solar financings in the Canadian and U.S. bond markets over the last year.