Nomura has sold a C$104.725 million
($81 million) term loan backed by a portfolio of contracted
solar projects in Ontario to third-party investors.
The senior secured, fully amortizing term loan notes will
replace a portion of a term loan provided by Nomura for the
29.8 MW (DC) three-project portfolio.
The portfolio is thought to comprise a 10.5 MW project in
Thunder Bay, an 8.5 MW project at Thunder Bay airport and the
10.5 MW First Light II facility near Napanee, which are owned
by SkyPower Global and were originally
financed with debt from Deutsche Bank.
Nomura's New York energy and infrastructure team is led by
former Deutsche financier Vinod Mukani
The tenor of the notes could not immediately be learned.
Amit De, senior vice president for finance and
strategy and SkyPower in Toronto, and an official at Nomura in
New York. declined to comment.
The Thunder Bay Airport project has been online since
December 2011 and the other two were completed the following
year. All three have 20-year power purchase agreements with the
Independent Electricity System Operator.
Fitch Ratings has given the term loan notes
a BBB- rating, which is in the sweet spot for many private
A local subsidiary of First Solar recently
took over from Canadian Solar as the
portfolio’s operations and maintenance provider
under a five-year contract.