Halifax Regional Municipality Organics Management Infrastructure and Long-Term Operating Contract DBOOT PPP

Stonebridge Financial Corporation (“Stonebridge”) is pleased to announce the closing of a $106 million, long-term, fixed rate project financing (the “Financing”) in respect of the Organics Management Infrastructure and Long-Term Operating Contract design-build-own-operate-transfer PPP project located in Halifax, Nova Scotia (the “Project”). The term of the Financing is inclusive of the entire construction period and the majority of the 25-year operating period of the Project.

The Project was procured by Halifax Regional Municipality (“HRM”) via a competitive procurement process beginning with a Request for Qualifications issued in November 2017 and followed by a Request for Proposals issued in July 2019 pursuant to which Harbour City Renewables (the “Consortium”) was selected as Preferred Proponent in December 2020. The Consortium was jointly led by Maple Reinders PPP Ltd. and AIM Capital Ltd.

The Project shall process up to 60,000 tonnes of organic waste as collected from HRM residential and commercial collection programs. The Project will utilize proven in-vessel aerobic technology, with industry leading pre- and post-treatment systems that are fully housed indoors and incorporates advanced odour mitigation, capture and treatment measures for facilities of this kind. Known as aerobic digestion or composting, the advanced treatment at this facility will result in the conversion of organic waste to Class A Compost as defined by CCME and Nova Scotia Environment guidelines.

Stonebridge acted as Financial Advisor and Arranger to the Consortium and financing for the Project was provided by The Canada Life Assurance Company, The Canada Life Insurance Company of Canada, and Stonebridge Infrastructure Debt Fund II Limited Partnership. Stonebridge shall also act as Administrative Agent and Collateral Agent for the entire term of the Financing.

Stonebridge is an exempt market dealer and asset manager, which through its various business groups and affiliates provides financial advisory services, asset management, long-term debt financing, agency services and lease financing. The company focuses on financial advisory and arranging of project financings in the infrastructure and energy sectors, having dedicated teams for each. Stonebridge has arranged and closed a total of $7.1 billion in financing, with $3.4 billion under administration for institutional investors. Stonebridge Infrastructure Debt Fund I and II Limited Partnerships and related separately managed accounts (the “Funds”) act as direct lenders and co-investors to infrastructure and energy projects across Canada. To date, the Funds have raised over $1 billion in committed capital.