Northland finances Ontario projects

Developer Northland Power says it has completed C$240m ($217.4m) financing for a five project, 50MW fourth and final phase of a 130MW solar PV portfolio in the Canadian province of Ontario.

The ground-mounted facilities consist of a C$240m construction credit facility with an 18-year term loan.

The financing process was managed by The Bank of Tokyo Mitsubishi UFJ, Mizuho Corporate Bank, , Sumitomo Mitsui Banking Corporation, Nordeutsche Landesbank and Siemens Financial as lead arrangers, and included Raymond James Ltd., CIT Financial Ltd, and Laurentian Bank of Canada.

The five projects – Abitibi, Burk’s Falls West, Empire, Long Lake and Martin’s Meadows – have a combined C$300m budgeted cost. Commercial operations are expected to begin this year and the first half of 2015.

 “Solar IV is one of the largest widely syndicated Construction plus 18-year term loan bank deals completed in North America for a solar project transaction," says Carmelo Restifo, director at MUFG.

The other 80MW of projects are in commercial operation.