Connor, Clark & Lunn Infrastructure And Samsung Announce $633 Million Solar Bond Financing
Connor, Clark & Lunn Infrastructure and Samsung Renewable Energy Inc. (Samsung) recently announced the closing of an approximately $633 million bond financing for the 100 megawatt (MW) Kingston Solar Project. The transaction, one of the largest renewable energy bond financings ever completed in Canada, will be used to refinance the project’s existing bank debt and swap facilities. Connor, Clark & Lunn Infrastructure and Samsung have together closed over $1 billion in solar financings in the Canadian and US bond markets over the last year. “We are delighted to complete this significant financing,” said Matt O’Brien, President of Connor, Clark & Lunn Infrastructure. “Attracting support from a broad base of Canadian and US investors, the financing was a reflection of the scale and quality of the project and the strength of its ownership group. We would like to take this opportunity to express our gratitude to our equity partner, Samsung, and our co-investment partners – Régime de rentes du Mouvement Desjardins, CAAT Pension Plan and iA Financial Group – while also acknowledging the significant involvement of our development partner, CarbonFree Technology Inc.”
The Kingston Solar Project achieved commercial operation in September 2015 after a 14-month construction process. Hundreds of people across Ontario were employed in every aspect of the project – from manufacturing and assembly of the solar panels and inverters, to site construction, installation, and project operations. An average of 650 workers and a peak of over 800 workers were on site during construction, including local subcontractors who were utilized for various aspects of the project. The Kingston Solar Project, which incorporates solar panels manufactured in London and Guelph, Ontario by Canadian Solar and inverters made in Toronto, Ontario by SMA, produces enough clean energy to meet the needs of approximately 17,000 households.
“The completion of the Kingston Solar Project bond financing marks an important milestone for this project,” said Steve Cho, President of Samsung Renewable Energy Inc. “This financing is the culmination of hard work over many years with our partner, Connor, Clark & Lunn Infrastructure. The Kingston Solar Project is one of the largest solar projects in Canada, generating not only 100 megawatts of clean energy but also significant economic benefits for Ontario and the community of Kingston.” The solar power generated by the Kingston Solar Project is being sold to the Independent Electricity System Operator (IESO) under a power purchase agreement.