Samsung, Connor close CAD-633m solar bond financing in Ontario
Solar panels. Featured Image: pornvit_v/Shutterstock.com
Connor, Clark & Lunn Infrastructure and the renewables arm of South Korean group Samsung C&T (SEO:000830) have closed a CAD-633-million (USD 481m/EUR 438m) bond financing for a solar plant in Ontario, Canada.
The proceeds from the transaction will be used to refinance the existing bank debt and swap facilities of the 100-MW Kingston solar plant, which started generating power in September 2015.
Connor, Clark & Lunn Infrastructure, part of asset manager Connor, Clark & Lunn Financial Group Ltd, said that this is one of Canada’s largest renewable energy bond financings ever. Together, the infrastructure investor and Samsung Renewable Energy Inc have closed more than CAD 1 billion in solar financings in the Canadian and US bond markets over the last year, it added.
The Kingston solar power station uses locally-manufactured modules and inverters supplied by Canadian Solar and SMA, respectively. It sells its output to the Independent Electricity System Operator (IESO).