TORONTO, April 24, 2018 /CNW/ - Grasshopper Solar, Canada's largest fully-integrated solar company announced the successful completion of a CAD $270 million senior debt facility with Deutsche Bank; the largest of its kind in Canada. This facility will be used to drive further growth of Grasshopper's asset base. Grasshopper Solar currently has CAD $500 million in assets under operation, and in various stages of development globally.
"We are pleased to have partnered with Deutsche Bank," says Azeem M. Qureshi, CEO, Grasshopper Solar. "This is a big win for the renewable energy sector and this transaction demonstrates our combined ongoing commitment to the proliferation of solar and reduction in carbon footprint. With this investment we will continue to explore new opportunities and expand our asset base."
Solar power is the most deployable and fastest growing source of energy in the world. The International Energy Agency (IEA) forecasts that by 2050, solar could account for 27 percent of the world's electricity mix, making it the largest source of electricity, ahead of nuclear, fossil fuels, hydro and wind. In Canada, the solar electricity sector is growing rapidly and is one of the top 20 solar electricity markets in the world.
About Grasshopper Solar
Grasshopper Solar is Canada's largest fully-integrated solar energy company, focused on the acquisition, development, EPC and long-term ownership of solar projects. Founded in 2007, it currently has CAD $500 million in assets under operation and various stages of development in Canada, the US and Japan. Grasshopper Solar has been the recipient of multiple national industry awards including Solar Innovator of the Year, Project Finance Innovator of the Year and Solar Developer of the Year.
Deutsche Bank Group provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany's leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.