TerraForm Power: Financing for power plants in Canada
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BETHESDA, Maryland - TerraForm Power, Inc. (TERP) (“TerraForm Power” or the “Company”), an owner and operator of clean energy power plants, announced that it has secured an expansion of project financing for power plants in Canada.
TerraForm Power secured an additional $86M (CAD$114M) in project financing for its 4 utility-scale solar plants (representing 60 MW) in Ontario, Canada through a 7-year non-recourse portfolio credit facility. This completes the previously mentioned upsizing that in combination with the initial $90M (CAD$120M) tranche brings the total facility to $175M (CAD$234M).
Consistent with the Company’s corporate deleveraging strategy, proceeds from the initial financing were used to repay $70M of TerraForm Power’s corporate revolver. TerraForm Power intends to use the additional proceeds from the upsizing to further reduce its corporate debt balance and for general corporate purposes.
Deutsche Bank Securities and Canadian Imperial Bank of Commerce acted as Joint Bookrunners and Joint Lead Arrangers. Canadian Imperial Bank of Commerce also acted as the Administrative Agent. Commonwealth Bank of Australia acted as documentation agent and co-syndication agent, Siemens Financial, Fédération des caisses Desjardins du Québec, and Laurentian Bank of Canada acted as co-syndication agents.
About TerraForm Power
TerraForm Power is a renewable energy company that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating clean energy power plants. For more information about TerraForm Power, please visit: www.terraformpower.com