Torys acted as counsel to Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ and Union Bank as the lead lenders in the C$700 million financing of the 270 MW South Kent Wind Farm in southwestern, Ontario developed by Pattern Energy Group LP and Samsung Renewable Energy, Inc.
The largest wind farm in Canada at the time of its construction, the onshore wind project consists of 124 Ontario-made Siemens SWT-2.3-101 turbines and generates enough electricity to fuel 100,000 Ontario homes.
Construction of the project started in early 2013 and it achieved commercial operation in April 2014. All renewable power generated by the project is sold to the Ontario Power Authority under a 20-year power purchase agreement until 2034.
The project is owned by a 50/50 joint venture of Samsung Renewable Energy, Inc. and Pattern Energy Group LP.
Further information on the project can be found on South Kent’s website.
On March 12, 2013, Samsung Renewable Energy, Inc. (“Samsung”) and Pattern Energy Group LP (“Pattern”) announced that they secured financing for the project.
The first lien senior secured non-recourse financing provided for up to approximately C$683.8 million in borrowings, including a construction loan of up to approximately C$683.8 million, which was converted into a seven-year term loan upon the completion of construction of the project on March 28, 2014.
Further information on the financing can be found on PR Newswire’s website, as well as other public filings.
Torys acted as counsel with a team that included Jonathan Weisz, Scott Kraag, Milosz Zemanek, Yinka Olusoga and Adrienne Love (project financing), Sabrina Gherbaz (real estate) and Dennis Mahony (environmental).
Torys also acted on the following in connection with this project: