Connor, Clark & Lunn Infrastructure Announces $359 Million Solar Debt Financings
Dec 07, 2017, 16:35 ET
TORONTO, Dec. 7, 2017 /CNW/ - Connor, Clark & Lunn Infrastructure announced today the closing of two separate bond financings totaling approximately $359 million for the 50 megawatt Windsor Solar Project and the 50 megawatt Southgate Solar Project. The proceeds from these unrated private placement transactions – a $188 million financing for Windsor and a $171 million financing for Southgate – will be used to refinance the existing bank debt and swap facilities for these projects. Connor, Clark & Lunn Infrastructure has closed over $3 billion in solar debt financings in the Canadian and US markets over the last several years.
"These financings represent significant milestones for the Windsor and Southgate projects," said Matt O'Brien, President of Connor, Clark & Lunn Infrastructure. "Our strong track record in building and operating these types of projects in Ontario has allowed us to attract broad support in the Canadian financing community. We would like to take this opportunity to express our gratitude to our co-investment partner, Régime de rentes du Mouvement Desjardins, and also to acknowledge the significant roles played by Samsung Renewable Energy Inc. and CarbonFree Technology Inc. in the development and construction of these projects."
Located in the city of Windsor, the Windsor Solar Project is situated adjacent to the Windsor Airport, and the Southgate Solar Project is located in the Township of Southgate, Ontario. Both projects achieved commercial operation in 2016 following approximately 12-month construction periods which employed hundreds of workers across Ontario in all aspect of the projects – from manufacturing and assembly of the solar panels and inverters, to site construction, installation, and project operations. The projects used locally manufactured components including solar panels, inverters, and equipment housing while also generating significant economic benefits for Ontario and their local communities. Together, the two projects produce enough power each year to meet the needs of approximately 17,000 households.
The solar power generated by the projects is being sold to the Independent Electricity System Operator (IESO) under a power purchase agreement.
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 flows. 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 $72 billion in assets. For more information, please visit www.cclgroup.com.
SOURCE Connor, Clark & Lunn Infrastructure
For further information: Gail Prins-Visser, Communications Manager, Connor, Clark & Lunn Financial Group Ltd., (416) 864-3136, [email protected]
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