Stonebridge Financial Corporation (“Stonebridge”) is pleased to announce the closing of a $53.5 million, long-term, fixed rate debt financing for 42 rooftop solar projects with an aggregate capacity of 10.12 MW (“Projects”). The Projects are located in the GTA and southwestern region of Ontario and comprise a fraction of a portfolio of 80 projects representing approximately 20 MW of generating capacity (the “Portfolio”).
The Portfolio is owned by Firelight Infrastructure Partner L.P. (“Firelight”) through Firelight Solar L.P. (“Firelight Solar”) which was established for the sole purpose of developing, acquiring and owning the Portfolio, operating under the Ontario Feed-In Tariff Program contracts.
Funding for the Projects was provided by Stonebridge Infrastructure Debt Fund I L.P. (“SIDF”), The Canada Life Insurance Company of Canada, and OPB Investments Limited.
Cam Di Giorgio, Vice President, Structured and Project Financing at Stonebridge commented; “We are pleased to have structured and arranged an attractive and flexible debt investment product that supports Firelight’s continued development of its rooftop solar project portfolio, and look forward to the expansion of this debt facility to accommodate the continued growth of Firelight Solar”.
Louis Bélanger, Managing Director, SIDF added; “We are delighted to be in a position to fund such an well-crafted transaction which offers a great return on investment for SIDF and its limited partners. This Project will also facilitate the continued expansion and growth of clean, efficient, green energy solutions in the Province”.
Mike Kosiancic, Head of Firelight Infrastructure Partners said “We are very pleased to continue our relationship with Stonebridge as a financial partner for the Firelight Solar rooftop portfolio. The financial terms provided will enable Firelight Solar to continue its goal of being the premier financing and off-take solution for solar developers and property owners.”
Firelight Infrastructure Partners is a Toronto-based Canadian Partnership that invests in North American renewable energy projects including wind, hydro and solar. Firelight partners with experienced developers to provide the capital necessary to develop construct and operate high quality renewable energy projects.
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 $2.5 billion of project debt financing.