Deutsche Bank is to finance two SkyPower solar parks, with a combined capacity of around 18.5MW, in Ontario, Canada. The 10MW Stone Mills and 8.5MW Thunder Bay facilities will generate 400 million kWh over 20 years and are scheduled to be completed by mid 2011.
“We are so proud to close financing on our fifth and sixth solar projects and to solidify the arrival of this new era of renewable energy in Ontario. Deutsche Bank and SkyPower are great examples of Ontario's energy policy and entrepreneurial innovation working together and creating new green energy jobs. We look forward to the closing of financing on many more solar projects in the months ahead and helping to provide a cleaner, brighter future for generations to come,” said Kerry Adler, president and CEO of SkyPower.
SkyPower's debt package amounts to approximately CAN$70 million and marks Deutsche Bank's third successful close of financing in Ontario over the past nine months.
“We are pleased to partner with SkyPower on these projects. This financing further highlights Deutsche Bank's commitment towards the growing renewable energy sector” said Bernd Fislage, Deutsche Bank's head of project finance for Europe and North America.