Canadian asset manager Connor, Clark & Lunn Infrastructure, Samsung and the Six Nations of the Grand River Development have closed a $613m bond financing for a solar park in Ontario.
The funding for the 100MW Grand Renewable project will be used to refinance its existing bank debt and swap facilities.
It is one of the largest renewable bond financings in Canada to date, the partners said.
The facility started operating in March 2015 following a 21-month construction process.
“The financing attracted significant support from a broad base of Canadian and US investors, making it a testament to the quality of the GRS project and the strength of our equity partners, Samsung and Six Nations, and our construction partner, CarbonFree Technology,” CCL Infrastructure president Matt O’Brien said.
“The replacement of our existing bank debt with this long-term bond further de-risks this important investment for us, a core holding in our growing infrastructure portfolio.”
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