Canadian solar company BrightRoof Solar has achieved financial closure for a portfolio comprising 58 rooftop and 5 ground-mount projects located across Ontario.
The projects in the portfolio have a generating capacity of more than 18 megawatts and represent approximately C$85 million (US$ 71 million) of capital.
A number of the projects in the portfolio are owned by BrightRoof Solar, a limited partnership formed by Connor, Clark & Lunn Infrastructure and CarbonFree in 2010 to finance, develop, build and operate commercial-scale solar systems. The remaining projects are owned by Metis Nation of Ontario – BrightRoof Solar LP, a second partnership created by Connor, Clark & Lunn Infrastructure, CarbonFree and the MNO.
The proceeds of the financing will be used primarily to fund construction costs for projects in the portfolio. The projects range in size from 93 to 600 kilowatts, with the majority located in the corridor between Toronto and London Ontario. The electricity generated from the projects will be sold to Ontario’s Independent Electricity System Operator under 20-year feed-in tariff contracts.
“The closing of this debt financing is the culmination of a multi-year commitment by us and our partners to the development of this diverse portfolio,” said Matt O’Brien, President of Connor, Clark & Lunn Infrastructure. “This investment is an excellent addition to our growing portfolio of high-quality, long-duration infrastructure assets and reinforces our position as one of the largest owners of solar assets in Canada.”