Rainy River First Nations completes C$132.5 million financing for a 25 MW solar project

May 09, 2014

Torys represented Connor, Clark & Lunn and Terrma Capital with a team that included Philip Symmonds, Jackie Taitz and Addie Buhr.

On May 9, 2014, Rainy River First Nations Solar Limited Partnership, through three special-purpose subsidiaries, and a group of life insurance companies comprised of The Manufacturers Life Insurance Company and Sun Life Assurance Company of Canada closed a C$132.5 million non-recourse construction and term project financing for the Rainy River’s solar project located near Fort Frances, Ontario.

The majority of the 25 MW project, encompassing two 10 MW facilities and a 5 MW facility, is owned by the Rainy River First Nations (Rainy River). The other investors include Connor, Clark & Lunn Infrastructure and Terrma Capital Corp., who formed a partnership with Rainy River to act as its financial and operating partners on May 13, 2014, as well as certain principals of Cedarvale Energy Inc.

Electricity generated by this project will be sold under three separate 20-year Feed-in Tariff contracts with the Ontario Power Authority, each of which includes an Aboriginal Price Adder as a result of the participation by the Rainy River First Nations.

The project is expected to reach commercial operations in the spring of 2015.

Further information can be found on Canada Newswire’s website.

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