SkyPower has secured a CAD$67 million revolving credit facility from Deutsche Bank, to be used to support the ongoing development of SkyPower's portfolio of utility-scale solar projects in Ontario, Canada. The facility is a letter credit facility innovatively structured to leverage the benefits of Ontario's green energy program and feed-in tariff, according to the companies.
In 2010, the two companies signed a CAD$110 million solar financing deal that supported the completion of three utility-scale PV projects, with a cumulative nameplate capacity of 30MW, in the province.
"This agreement with Deutsche Bank gives us further flexibility to expand our presence in the Ontario Feed-in Tariff market. This will mean the creation of thousands of new solar jobs in the areas of manufacturing, engineering, construction and environmental sciences," says Kerry Adler, president/CEO of SkyPower.
SkyPower said it is Canada's largest owner and developer of solar energy projects, with 250MW of awarded power purchase contracts, 40MW of installed operating capacity, 30MW of projects actively under construction, and over 1.5GW at advanced stages of development across North America.