Solar Photovoltaic Projects in Ontario Change Hands.
In conjunction with the acquisition, financial close was achieved on a $175 million senior debt financing which will partially fund construction of the projects. The senior debt financing was provided by a syndicate of three leading international project finance banks comprising Natixis, Nord/LB and Bank of Tokyo-Mitsubishi UFJ.
The projects will be constructed by Hanwha Q CELLS Canada, a subsidiary of Hanwha Q CELLS USA – a leading provider of turnkey solar systems with over 110 MW of projects built to date in North America.
Construction of the projects is set to begin this summer, and is expected to be completed in the second quarter of 2014. Once completed, the solar facilities will supply up to 50 gigawatt hours (GWh) of electricity per year – equivalent to the energy required to power approximately 5,000 households in Ontario.
“This transaction represents Fiera Axium’s first investment in greenfield solar power facilities and is a significant milestone for our recently raised second infrastructure fund. Consistent with our investment strategy, we are delighted to complement our fund portfolio with late-stage greenfield development projects to be constructed on a turnkey basis by a world-class firm in Hanwha Q CELLS,” said Juan Caceres, Vice President and Senior Investment Director of Fiera Axium Infrastructure Inc., manager of Fiera Axium Infrastructure Canada II L.P.
About Fiera Axium Infrastructure Inc.
Fiera Axium Infrastructure Inc. is an independent portfolio management firm dedicated to generating attractive, long-term investment returns through investing in core infrastructure