TORONTO, May 13, 2014 /CNW/ - Rainy River First Nations and its
financial and operating partners, Connor Clark & Lunn Infrastructure
and Terrma Capital Corp., today announced both the formation of a
partnership to provide equity funding for the 25 megawatt (MW) Rainy
River Solar Project (the Project) and the closing of a long-term debt
financing for the Project. The Project encompasses two 10 MW
facilities and a 5 MW facility, all located in close proximity to the
town of Pinewood, Ontario. Project construction is expected to
commence almost immediately and full commercial operation of the
facilities is anticipated in the first half of 2015.
"As the majority owner of the Project, the Rainy River First Nations is
pleased to welcome its partners in Connor Clark & Lunn and Terrma and
appreciate their hard work and participation in implementing our First
Nations business vision," commented Chief Leonard. "I would also like
to thank our community and the entire district for their support,"
concluded Chief Leonard.
"Connor Clark & Lunn Infrastructure is very pleased to be making an
investment in this very significant project, one of several renewable
energy projects in which we have invested through our growing
infrastructure business," said Matt O'Brien, president of Connor Clark
& Lunn Infrastructure. Mr. O'Brien added: "It is an honor to have
Rainy River as a partner and we would like to thank the Rainy River
community for their strong support. We would also like to express our
gratitude to our development partner, Cedarvale Energy, for their
significant contributions to the project."
"Terrma is excited to partner with Rainy River First Nations, Connor
Clark & Lunn and Cedarvale Energy in the Rainy River Project, a
significant renewable energy project made possible by the vision and
hard work of the Rainy River Community," said Pat Madigan, president of
Terrma Capital Corp.
The Rainy River Solar Project will produce enough clean energy to meet
the needs of over 3,900 households. The solar power generated at Rainy
River will be sold to the Ontario Power Authority under three power
About Connor, Clark & Lunn Infrastructure
Connor, Clark & Lunn Infrastructure invests in middle-market
infrastructure and infrastructure-like assets with highly attractive
risk-return characteristics, long lives and the potential to generate
stable cash flow. Connor Clark & Lunn Infrastructure is a part of
Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset
management firm whose affiliates collectively manage over $51 billion
in assets. For more information, please visit www.cclgroup.com.
About Terrma Capital Corp.
Terrma Capital Corp.is a private investment company which has invested
in infrastructure and infrastructure-like assets for over 25 years.
SOURCE: Connor, Clark & Lunn Infrastructure
For further information:
Chief Marketing Officer
Connor, Clark & Lunn Financial Group Ltd.
Rainy River First Nations