Financing lined up by Penn Energy, Rabobank for Ontario solar projects

Penn Energy Renewables Ltd. and Rabobank announced Jan. 20 that they recently closed financing for three solar energy projects in Ontario, Canada, that have an aggregate capacity of 37 MW (dc).

The projects will sell power under three separate 20-year Power Purchase Agreements to the Ontario Power Authority (OPA) as part of the OPA’s Feed-In-Tariff program (FIT Program).

The projects are being financed through three separate term and construction facilities by Rabobank, acting as Coordinating Lead Arranger, and by KeyBank National Association and National Bank of Canada, acting as Joint Lead Arrangers.

The Roseplain Project, located in the Township of Uxbridge, the Brantgate Project, located in the Township of Burford, and the Ridgefield Project, located in the City of Kawartha Lakes, are the latest in a series of solar energy plants successfully developed and constructed by Penn Energy in Ontario. The company has closed three similar projects in the past two years.

Penn Energy is the Canadian member of the Penn Group of Companies, which is headquartered near Philadelphia, Pa. Penn actively develops, acquires and invests in utility-scale solar farms. Penn is applying the companies’ resources, experience and track record of success to deliver first-class utility-scale solar farms, and the portfolio currently totals about 100 MW (dc). In Ontario, Penn Energy has executed Feed-In-Tariff contracts with the OPA for seven solar power generation projects.

Rabobank Group is a global financial services leader providing wholesale and retail banking, leasing, real estate, and renewable energy project financing in 45 countries. Since entering the American renewable energy arena in 2009, Rabobank has financed more than 6 GW of renewable energy projects.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.