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 ( PFR, 6/21).

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 placement investors.

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.

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