Grasshopper Solar gets $210 million financing from Deutsche Bank

Mississauga-based solar asset manager and project developer, Grasshopper Solar, a subsidiary of Grasshopper Energy Corporation, announced it was awarded a CA$$270 million (US$210.3 million) senior debt facility by German investment bank and financial services provider, Deutsche Bank.

The company said the funds will be used to drive further growth of its asset base and to explore new business opportunities worldwide.

Grasshopper Solar claims it has currently around CA$500 million of solar power assets under operation or development in Canada, the U.S. and Japan. “This is a big win for the renewable energy sector and this transaction demonstrates our combined ongoing commitment to the proliferation of solar and reduction in carbon footprint,” said the company’s CEO, Azeem M. Qureshi.

The company was founded in 2007 and is also active in the distributed generation business through a joint program with Korean solar module manufacturer and electronics giant, LG Electronics, Inc.

Its parent company, Grasshopper Energy Corporation specializes in offering financial incentive program management services in the form of grants and rebates for electricity, gas, and water conservation in buildings.