USD 633 million bond financing confirmed for solar project in Canada

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A huge sum of USD 633 million has been generated by Connor, Clark and Lunn Infrastructure and Samsung Renewable Energy for the bond financing of the utility-scale solar project in Ontario, Canada. It is a landmark occasion, representing one of the largest renewable energy bond financings ever completed in Canada.

The funds will be used to refinance the project’s existing debt, and also to swap facilities. It has been accomplished by attracting investors from all over Canada and the U.S.

“We are delighted to complete this significant financing,” commented Connor, Clark and Lunn Infrastructure president Matt O’Brien. “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 100 MW Kingston Solar Project was completed over a 14-month period in 2014 and 2015, becoming commercially operational in September 2015. Canadian Solar supplied its modules for the large-scale project, while SMA was responsible for supplying the inverters. Interestingly, SMA’s Canadian subsidiary, SMA Canada, also took over operational management of the plant back in 2014.

The power that is being generated by the plant is being sold to the Independent Electricity System Operator (IESO) under a PPA.

“The completion of the Kingston Solar Project bond financing marks an important milestone for this project,” said Steve Cho, President of Samsung Renewable Energy. “The Kingston Solar Project is one of the largest solar projects in Canada, generating not only 100 MW of clean energy, but also significant economic benefits for Ontario and the community of Kingston.”