Connor, Clark & Lunn Infrastructure have jointly created, with CarbonFree Technology, BrightRoof Solar, which will focus on financing, developing, owning and operating rooftop solar energy projects in Ontario. Over the next two years, BrightRoof will invest CAD$100 million of capital in order to fund the solar projects taking part in Ontario’s FiT program.
“The partnership with CarbonFree will allow Connor, Clark & Lunn and its clients to participate in a portfolio of high quality, long-life solar energy investments that yield stable long-term investment returns,” said Matt O'Brien, president of Connor, Clark & Lunn Infrastructure. “The formation of BrightRoof is consistent with our strategy to provide high net worth and institutional investors with direct exposure to a broad spectrum of energy and traditional infrastructure assets.”
BrightRoof plans to partner with building owners in Ontario under long-term lease agreements, which will see BrightRoof pay rent to building owners in order to use their rooftops for solar projects. “The success of Ontario's FIT program means landlords have a choice of solar tenants,” said David Oxtoby, CEO of CarbonFree Technology. “With a long-term lease, the quality and financial strength of a tenant is paramount, and we believe BrightRoof is the best solar tenant in the market.”