Penn Energy Renewables receives financing for three Canadian solar power projects

21 January 2015 (Last Updated January 21st, 2015 18:30)

Penn Energy Renewables has received $125m financing for three solar energy projects to be developed in Ontario, Canada.

Penn Energy Renewables has received $125m financing for three solar energy projects to be developed in Ontario, Canada.

Rabobank, KeyBank National Association and National Bank of Canada have financed the three projects, which have a combined generation capacity of 37MW.

Rabobank was the coordinating lead arranger for the financing, with the other two banks being joint lead arrangers.

Power generated from the projects will be supplied to Ontario Power Authority (OPA), according to three separate 20-year power purchase agreements (PPA).

"Power generated from the projects will be supplied to Ontario Power Authority (OPA)."

Located in Uxbridge, Burford and Kawartha Lakes, these projects in Ontario are the latest in a series of solar energy plants developed and built by Penn Energy.

The power developer has already closed three similar projects within two years.

Penn Energy develops, acquires, and invests in utility-scale solar projects and presently has around 100MW (DC) power under its portfolio.

The firm has signed feed-in-tariff contracts with Ontario Power Authority for seven solar power generation projects in the US state.