Torys acted as counsel to National Bank as the lender to Innisfail Solar Corporation in the project financing of the 25.4 MW Innisfail Solar Farm in central Alberta, owned by Elemental Energy Inc.
An innovative merchant solar project developed by Elemental Energy in cooperation and partnership with the town of Innisfail through a lease and community benefits agreement, the project is located on more than 115 acres of land owned by the Town of Innisfail. The project consists of 69,000 bi-facial solar modules mounted on CSA-classified racking technology supplied by GP JOULE Canada Corp., a subsidiary of GP JOULE GmbH.
Construction on the project started in October 2019 and was completed in November 2020.
The first utility-scale project of its kind in Alberta, power generated by the project is traded daily within the Alberta energy portfolio, rather than under a power purchase agreement.
Further information on the project can be found on Elemental Energy’s website.
Torys acted as counsel with a team led by Scott Kraag and that included Milosz Zemanek, Vidushi Hora, and Michelle Holmes (financing), Taylor Campbell (energy regulatory), Andrew Bedford and Collin Intrater (real estate), Tyson Dyck and Henry Ren (environmental).
Torys also acted on the following in connection with this project: