Samsung Renewable Energy and Connor, Clark and Lunn Infrastructure have formed a partnership to provide equity funding for the 50-MW Windsor Solar project in Windsor, Ontario.
The partners on Dec. 10 also announced the closing of an approximately C$195 million debt financing for the project. Utilizing Ontario-made solar panels and inverters, the Windsor Solar project will produce enough clean energy to meet the needs of approximately 8,500 homes in Ontario each year. The Windsor Solar project will begin construction soon, with completion scheduled for late 2016 or early 2017.
“Samsung is proud to be working with the Windsor community on the construction of this project,” said Steve Cho, Vice President, Samsung C&T. “The Windsor Solar project, along with our other projects in the Province, is creating thousands of high-skilled jobs that will benefit real people in this community and across Ontario.”
“We would like to thank the City of Windsor for its strong support and we look forward to making a positive contribution to the local economy over the coming years,” said Matt O’Brien, President of CC&L Infrastructure. “We would also like to express our gratitude to our co-investment partner – Régime de rentes du Mouvement Desjardins – while acknowledging the significant involvement of our development partner, CarbonFree Technology Inc.”
O’Brien added, “Connor, Clark & Lunn Infrastructure is delighted to be making its third large solar investment with Samsung. The investment adds another high quality, long-life investment to our diversified portfolio of infrastructure assets.”
Over the course of its 20-year power purchase agreement with the Ontario Independent Electricity System Operator (IESO), the Windsor Solar project will support the local economy with more than C$18 million in local investment.
Utilizing solar panels manufactured by Canadian Solar and inverters made by SMA America, the Windsor Solar project will help the province of Ontario reach its clean energy goals.
Together with its partners, Samsung is making a C$5-billion investment in Ontario to create the world’s largest cluster of wind and solar power.
Connor, Clark & Lunn Infrastructure invests in middle-market infrastructure and infrastructure-like assets with highly attractive risk-return characteristics, long lives and the potential to generate stable cash flow. It is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm.