Penn Energy Renewables has closed financing for three solar energy projects worth 37 MW in Ontario with Rabobank.
The projects will sell power to the Ontario Power Authority (OPA) according to its Feed-In-Tariff program under three separate 20-year PPA.
The Roseplain Project, Brantgate Project and Ridgefield Project are the recently developed solar energy plants by Penn Energy in Ontario.
In addition to Rabobank, KeyBank National Association and National Bank of Canada are also acting as Joint Lead Arrangers for finance.
The aggregate debt facilities amounted to $125 million of construction and term loans.
The Company has closed three similar projects in the past two years.
Canada has set a record for new wind energy installation. According to the Canadian Wind Energy Association (CanWEA), a total of 1,871 MW of wind energy assets were added in Canada in 2014, with most growth centered in Ontario (999 MW).
Through 2014, Canada had installed around 9,700 MW of wind portfolio.
Sabeena Wahid
editor@greentechlead.com