Connor, Clark & Lunn Infrastructure, Samsung Renewable Energy close financing for 100 MW Kingston solar PV project

The solar power generated by the Kingston PV project is being sold to the Independent Electricity System Operator (IESO) under a PPA
The solar power generated by the Kingston PV project is being sold to the Independent Electricity System Operator (IESO) under a PPA

Connor, Clark & Lunn Infrastructure (Toronto, ON, Canada) and Samsung Renewable Energy Inc. (Mississauga, ON, Canada) on October 14th, 2016 announced the closing of an approximately USD 633 million bond financing for the 100 MW Kingston solar photovoltaic (PV) project.

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.

Connor, Clark & Lunn Infrastructure and Samsung have together closed over USD 1 billion in solar financings in the Canadian and U.S. bond markets over the last year.

“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,” said Matt O’Brien, President of Connor, Clark & Lunn Infrastructure.

 

PV panels manufactured by Canadian Solar, inverters made in by SMA

The Kingston solar PV project achieved commercial operation in September 2015 after a 14-month construction process. The PV plant, which incorporates solar panels manufactured in London and Guelph, Ontario by Canadian Solar and inverters made in Toronto, Ontario by SMA, produces enough clean energy to meet the needs of approximately 17,000 households.

“The completion of the Kingston Solar Project bond financing marks an important milestone for this project,” said Steve Cho, President of Samsung Renewable Energy Inc.

“The Kingston Solar Project is one of the largest solar projects in Canada, generating not only 100 megawatts of clean energy but also significant economic benefits for Ontario and the community of Kingston.”

The solar power generated by the Kingston solar PV project is being sold to the Independent Electricity System Operator (IESO) under a power purchase agreement.

 

2016-10-18 | Courtesy: Connor, Clark & Lunn Infrastructure; Samsung Renewable Energy Inc. | solarserver.com © Heindl Server GmbH

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