Northland Power Inc. said it completed financing for the fourth and last phase of its 130 MW ground-mount program.
The five solar projects, totaling 50 MW, are located in various communities in northern and central Ontario. The facilities consist of a $240 million construction credit facility with an 18-year term loan.
The financing process was managed by The Bank of Tokyo Mitsubishi UFJ, Ltd., Mizuho Corporate Bank, Ltd., Sumitomo Mitsui Banking Corporation, NordeutscheLandesbank and Siemens Financial Ltd. as Lead Arrangers, and included Raymond James Ltd., CIT Financial Ltd, and Laurentian Bank of Canada.
The solar projects, being constructed by H.B. White Canada Corp., a subsidiary of White Construction Inc., will sell the electricity under Ontario’s renewable energy Feed-in-Tariff (FIT) program, and are using Ontario-made equipment and local Ontario labour.
The projects are located near Cochrane in Northern Ontario, and Burk’s Falls near Huntsville. Commercial operations are expected to begin throughout 2014 and the first half of 2015.