Stonebridge Financial Corporation (“Stonebridge”) is pleased to announce the closing of a $ 20.3 million, 20 year debt financing for the development, construction and operation of a 5 MW groundmount solar farm project, to be located on land owned by Alderville First Nation (“AFN”) in the Township of Alnwick/Haldimand, Northumberland County, Ontario.
Ownership of the Project is through Alderville Solar Limited Partnership (“ASLP”), a special purpose limited partnership owned 99.99% by AFN and 0.01% by Alderville Solar Inc. (“ASI”), an on-reserve corporation acting as a General Partner. Funding for the transaction was provided by Stonebridge Infrastructure Debt Fund I Limited Partnership (“SIDF” or the “Fund”).
Peter Bullen, Director, Structured and Project Financing at Stonebridge commented, “We are fortunate to have had the opportunity to work with such a committed team of professionals to arrange financing for this great project which will benefit the AFN community for many years to come.”
Louis Bélanger, Managing Director, SIDF added “We are delighted to be in a position to fund such an opportunistic project which is key to the future prosperity of both parties. It will facilitate the economic enhancement of Alderville First Nation while generating high quality cash flows to the Fund’s limited partners.
Jim Bob Marsden, AFN Chief said “Stonebridge’s expertise and understanding of the renewable energy market really helped Alderville First Nation get this project off the ground. Peter, Cam and Louis fully understood our passion and vision to build a successful project that will benefit the community for future generations.”
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.