$67 Million Credit Facility established to finance large-scale solar investments in Ontario FIT program
TORONTO, ONTARIO – OCTOBER 5, 2011
SkyPower announced today that a leading international bank is increasing its support of solar power in Ontario. Deutsche Bank has agreed to provide SkyPower, the country’s leading solar developer, with a $67 million revolving credit facility, to support the ongoing development of SkyPower’s portfolio of utility-scale solar projects in Ontario. The credit facility demonstrates Deutsche Bank and SkyPower’s beliefs that there will continue to be an expansion of solar and renewable power in Ontario.
“This agreement with Deutsche Bank gives us further flexibility to expand our presence in the Ontario Feed-in Tariff market. This will mean the creation of thousands of new solar jobs in the areas of manufacturing, engineering, construction and environmental sciences,” says Kerry Adler, President and Chief Executive Officer of SkyPower.
“Ontario is a great place to invest and we are thankful for innovative legislation like the Green Energy Act and FIT program, because it has made Ontario the most attractive market for renewable energy in the world.”
The facility is a letter credit facility innovatively structured to leverage the unique benefits of Ontario’s green energy program. Last year, Deutsche Bank and SkyPower signed a major $110 million solar energy financing deal that supported the completion of three utility-scale solar projects in Ontario, Canada, with a nameplate capacity of 30 MW.