Canadian investor Caisse de dépôt et placement du Québec is set to offer $107m of debt financing to Potentia Renewables, an independent rooftop solar power producer.
Potentia Renewables will use the funds to develop its additional renewable energy projects, including solar arrays diversely located on the rooftops of schools and other commercial / industrial locations.
Potentia Renewables' chief executive officer (CEO) Jeff Jenner said: “We are pleased to complete the financing with la Caisse and successfully build on our existing debt relationship with a premier pension fund manager.
“Potentia will use the capital to invest in its large platform of solar and wind development projects in North America and abroad and accelerate its profitable growth.”
Currently, the company has 569 solar arrays in operation, which have a cumulative power generation capacity of approximately 97MW.
Power produced is divested to the local electrical grid under power purchase agreements for 20 years.
la Caisse's fixed Income executive vice-president Marc Cormier said: “Over the years, Potentia has demonstrated its ability to deliver successful projects.
“Today's transaction provides the company with the financing necessary to expand its portfolio of assets in the renewable energy sector.
“In addition to increasing the population's access to green energy, this is a prime example of the importance la Caisse places on assets that provide persistent returns in a promising sector.”