Stonebridge Financial Corporation (Stonebridge) is pleased to announce the completion of a $22 million long-term debt financing in connection with the acquisition and upgrade of the Smooth Rock Falls hydroelectric generating station (GS) by Gemini-SRF Power Corporation, a subsidiary of Gemini Power Corp.
The Smooth Rock Falls GS, located in Smooth Rock Falls, Ontario, has a capacity of 7.4 MW and has been in operation since 1916. The debt financing arranged by Stonebridge, and funded by The Canada Life Assurance Company, will facilitate the capital refurbishment and enhancement of the Smooth Rock Falls GS, that will improve the operating standards at the plant and increase its production capacity.
Cam Di Giorgio, Vice President, Structured and Project Financing at Stonebridge said “We are very proud of our involvement in this transaction, particularly given the historical and current importance of the plant to the Town of Smooth Rock Falls. The successful closing of the financing transaction was a result of a long and tireless effort by Gemini Power in securing stakeholders’ support and approval, as well the continued commitment by all parties to a financing process that ran in parallel.”
“The highly capable team at Stonebridge has been instrumental in delivering the financing necessary to complete the initial purchase transaction, fund a revitalization of the plant and an upgrade to its capacity that will bring significant economic activity to the community of Smooth Rock Falls” said Dr. Michael Dan, president of Gemini Power Corp. “Gemini looks to the future with great excitement and is pleased to be working with both Stonebridge and the community going forward”.
Gemini Power Corp. (GPC) is an Ontario-based renewable energy development company focused primarily on hydroelectric and biogas electric power generation within the province of Ontario. With a focus on Canada’s First Nations, GPC seeks to develop economic and community self-reliance in a way that respects both the environment and First Nations’ traditional values. GPC also invests in select non-First Nations projects that continue to build the capacity, expertise, and presence of GPC in the renewable energy sector.
Stonebridge Financial Corporation is a specialized financial services company with a proven reputation and expertise in structuring financings for syndication in the Canadian institutional marketplace. Stonebridge prides itself on providing project and structured debt financing, with a focus in the energy, infrastructure, and health care sectors. Stonebridge has arranged over $2.1 billion of project debt financing.