Samsung and CCL close CA$633 million financing for 100MW Canada project

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Canada's nascent solar industry is finally piquing the interest of large-scale investment. Source: Flickr/epSos

Financiers Connor, Clark & Lund Infrastructure (CCL) and Samsung Renewable Energy have closed a CA$633 million (US$481.6 million) solar bond financing for the 100MW Kingston Solar project in Canada.

The transaction is one of the largest renewable bond financings ever completed in Canada and will be used to refinance the project’s existing bank debt and swap facilities, according to CCL.

The Kingston Solar project was put online in September 2015 after a 14-month construction process. It represents one of the largest solar projects in the country, with a peak of 800 workers on site during construction. It generates enough clean energy to power 17,000 homes. The electricity generated by the project is being sold to the Independent Electricity System Operator (IESO) under a PPA of undisclosed length.

The massive investment from CCL and Samsung is a welcome development for the country’s nascent industry; that has struggled with a lack of federal policies and investor appetite. Most recently, the Alberta government initiated a proposal for the province’s first solar farm that could power 50% of government operations. Both developments are set to give Canada a much-needed boost in solar deployment.

“We are delighted to complete this significant financing,” said Matt O’Brien, president of CCL, in a statement. “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 completion of the Kingston Solar Project bond financing marks an important milestone for this project,” commented 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 100MW of clean energy but also significant economic benefits for Ontario and the community of Kingston.”

Read Next

July 22, 2021
US Senate majority leader Chuck Schumer has failed in a bid to fast-track the US’ US$1.2 trillion infrastructure investment bill through the Senate. But there remains hope that further progress could be made as early as next Monday, when some Republican senators believe the bill will be fit to proceed.
PV Tech Premium
July 7, 2021
Floating solar may be more commonly associated with Asia’s solar market, however the asset class is proving itself to be of significant potential throughout Europe, as evidenced by projects in the Netherlands, Germany and the UK. Exclusive to PV Tech Premium subscribers, we brought together industry stakeholders to discuss the size of the FPV opportunity.
June 29, 2021
Solar Module Super League (SMSL) members JinkoSolar and Canadian Solar have both submitted applications to the Shanghai Stock Exchange, progressing their respective initial public offering (IPO) plans.
June 24, 2021
Amazon has announced 14 new renewable projects in the US, Canada, Finland, and Spain, strengthening its position as the largest corporate buyer of renewables globally
June 23, 2021
Polysilicon manufacturer Daqo New Energy is set to proceed with its initial public offering after completing its registration with the China Securities Regulatory Commission (CSRC).
June 21, 2021
Canada has requested a dispute settlement panel regarding US safeguard tariffs on solar products from Canada after failing to resolve the issue through consultations

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
July 29, 2021
Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021