TORONTO, July 17, 2013 /CNW/ - Fiera Axium Infrastructure Canada II L.P. is pleased to announce that it
has completed the acquisition of a 100% equity interest in four solar
photovoltaic (PV) projects from Ontario Solar PV Fields Inc. a joint
venture formed between Q-Cells SE and Photowatt, a subsidiary of ATS
Automation Tooling Systems. Once constructed, the projects will sell
power to the Ontario Power Authority pursuant to 20-year Power Purchase
Agreements under the terms of the Ontario government's Feed-in-Tariff
The projects, initially developed by Ontario Solar PV Fields Inc.,
comprise four solar PV facilities with 42 MW of aggregate generation
capacity located in Ontario in the townships of Ramore, Hearst,
Kapuskasing and Wainwright.
In conjunction with the acquisition, financial close was achieved on a
$175 million senior debt financing which will partially fund
construction of the projects. The senior debt financing was provided
by a syndicate of three leading international project finance banks
comprising Natixis, Nord/LB and Bank of Tokyo-Mitsubishi UFJ.
Brookfield Financial acted as exclusive financial advisor to the
The projects will be constructed by Hanwha Q CELLS Canada, a subsidiary
of Hanwha Q CELLS USA - a leading provider of turnkey solar systems
with over 110 MW of projects built to date in North America.
Construction of the projects is set to begin this summer, and is
expected to be completed in the second quarter of 2014. Once completed,
the solar facilities will supply up to 50 gigawatt hours (GWh) of
electricity per year - equivalent to the energy required to power
approximately 5,000 households in Ontario.
"This transaction represents Fiera Axium's first investment in
greenfield solar power facilities and is a significant milestone for
our recently raised second infrastructure fund. Consistent with our
investment strategy, we are delighted to complement our fund portfolio
with late-stage greenfield development projects to be constructed on a
turnkey basis by a world-class firm in Hanwha Q CELLS," said Juan
Caceres, Vice President and Senior Investment Director of Fiera Axium
Infrastructure Inc., manager of Fiera Axium Infrastructure Canada II
About Fiera Axium Infrastructure Inc.
Fiera Axium Infrastructure Inc. is an independent portfolio management
firm dedicated to generating attractive, long-term investment returns
through investing in core infrastructure assets. The firm combines the
capabilities of a group of professionals with extensive infrastructure
development and management backgrounds, with the fund management
expertise of one of Canada's leading independent fund managers in Fiera
Capital Corporation (TSX: FSZ). Its management team comprises
infrastructure investment specialists with decades of combined
experience acquiring, developing, financing, operating and managing
infrastructure assets. Fiera Axium Infrastructure is jointly controlled
by Fiera Capital and Axium Infrastructure Management.
About Fiera Axium Infrastructure Canada II L.P.
Managed by Fiera Axium Infrastructure Inc., Fiera Axium Infrastructure Canada II L.P. ("Fund") is an open-ended
infrastructure fund focused on direct investment in both operational
and greenfield development opportunities. The Fund seeks to invest in
core energy, transportation and social infrastructure assets across
Canada. Focus is placed on assets that are supported by robust market
demand, under long-term contract with creditworthy counterparties,
within concession-based structures or under a regulated framework. In
addition to its investment in the 42 MW solar PV portfolio, the Fund
holds interests in: (i) the 235 MW Toba Montrose Run-of-River
Hydroelectric Facilities located on the East Toba River and Montrose
Creek in British Columbia; (ii) the 144 MW Dokie Wind Power Project
located in Peace River, British Columbia; and (iii) a 679 MW portfolio
of renewable energy assets located across British Columbia, Ontario,
Prince Edward Island and New Brunswick.
SOURCE: Fiera Axium Infrastructure
For further information:
Vice President and Senior Investment Director
Fiera Axium Infrastructure Inc.
One Adelaide Street East, Suite 600, Toronto, ON M5C 2V9