Northland Power has obtained $240 million in financing for the final phase of the company's Ontario-based solar projects. The company plans to install 50 megawatts of solar projects as part of Northland Power's 130 MW ground-mount program. The financing process was managed by The Bank of Tokyo Mitsubishi UFJ, Ltd., Mizuho Corporate Bank, Ltd., Sumitomo Mitsui Banking Corporation, Nordeutsche Landesbank and Siemens Financial Ltd. as Lead Arrangers, and included Raymond James Ltd., CIT Financial Ltd, and Laurentian Bank of Canada.
"As we expand our portfolio of solar assets across the province, we look forward to delivering strong returns to shareholders while producing clean, renewable energy that contributes to the long-term sustainability of our electricity system and environment," said John Brace, CEO of Northland.
Under construction by H.B. White Canada Corp., the solar projects will sell the electricity under Ontario's renewable energy Feed-in-Tariff (FIT) program
Northland Power was recently named North American Developer of the Year by Project Finance in March at the publication's annual awards banquet in New York City. The company also holds majority stake in the 600 MW Gemini offshore wind project in the North Sea.