Stonebridge Financial Corporation is pleased to announce the closing of an $11.0 million 34 year fixed-rate debt financing of the Canoe Creek Hydro run-of-the-river hydroelectric project, an operating 6.0MW facility located on the Canoe Creek watershed, a tributary of the Kennedy River on the West Coast of Vancouver Island, British Columbia (the “Project”).
Sponsored by Tla-o-qui-aht First Nations and in partnership with Swiftwater Power Corporation, the Project utilizes a horizontal axis Pelton turbine to generate clean, renewable energy that is sold to British Columbia Hydro and Power Authority under a long-term power purchase agreement. Funding for the Project was provided by Stonebridge Infrastructure Debt Fund II L.P.
Stonebridge Financial Corporation is a specialized financial services company with a proven reputation and expertise in arranging and structuring debt financings for syndication in the Canadian institutional marketplace, with a focus in the energy, infrastructure, and health care sectors. Stonebridge has arranged and syndicated over $3.0 billion of project debt financing.
Stonebridge Infrastructure Debt Fund II L.P. (“SIDF II”) is an open-ended fund with capital commitments provided by a number of Canadian institutional investors including pension funds, insurance companies and the Business Development Bank of Canada. SIDF II provides its institutional investors with access to investment grade Canadian private infrastructure debt transactions, with long-term, predictable cash flows and premium returns over comparable publicly traded bonds.