Caisse de dépôt et placement du Québec (La Caisse) announced yesterday that it will offer $107 million of debt financing to Potentia Renewables – considered the largest independent rooftop solar power producer in Canada.
The transaction allows La Caisse to expand its investments in the solar energy industry.
According to a release, the funds “will aid the development of additional renewable power projects by Potentia, whose solar arrays are diversely located on the rooftops of schools and commercial and industrial locations.” The clean energy producer currently has 569 arrays in operation that have a total generation capacity of about 97 megawatts – enough to power more than 12,000 homes per year.
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The electricity generated by these arrays is sold to the local electrical grid under 20-year power purchase agreements.
La Caisse had invested in the construction of one of these arrays back in 2014, which was just recently completed.
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“Over the years, Potentia has demonstrated its ability to deliver successful projects,” said La Caisse executive vice-president of Fixed Income Marc Cormier. “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.”
“We are pleased to complete the financing with la Caisse and successfully build on our existing debt relationship with a premier pension fund manager,” commented Potentia Renewables CEO Jeff Jenner. “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.”
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