SunEd nails loans for Ontario plant
SunEdison has secured C$113.5m ($104m) of debt from German bank Norddeutsche Landesbank Girozentrale (NORD/LB) for an 18MW PV plant in Ontario.
The ground-mount Bruining project, to use SunEdison modules and SMA inverters assembled in Ontario, will enter construction immediately to the southeast of Ottawa, with completion expected by the end of the year.
White Canada Construction is responsible for construction.
The funding from NORD/LB is split between C$63m in long-term debt and a C$50.5m construction loan.
The project will be sold to Firelight Infrastructure Partners, a long-standing equity partner of SunEdison’s in Ontario, where the US solar giant is a major project developer.
SunEdison continues to attract financing from German banks for its activities in Ontario, with Deutsche Bank Securities having this spring provided C$115m in construction financing for 33MW spread across two PV plants in the province.
Bruining, like other SunEdison-developed projects in Ontario, will be managed by the company’s Renewable Operation Center.