Landmark Solar Financing Agreement signed by SkyPower Limited and Deutsche Bank

Dec 02, 2010, 08:00 ET from SkyPower Limited

New Clean Energy Financing to support 18.5 MW of solar projects in Canada

TORONTO AND NEW YORK, Dec. 2 /PRNewswire/ - Deutsche Bank and SkyPower Limited announced today that both companies have signed a landmark clean energy financing deal for two SkyPower solar parks with a total approximate nameplate capacity of 18.5 MW, located in Ontario.

The financing will support a 10 MW solar park in Stone Mills, Ontario - home of SkyPower's first solar project and also Canada's first fully operational solar park, First Light I. Additionally the financing agreement will support an 8.5 MW solar park in Thunder Bay, Ontario.

The construction of both projects is expected to reach completion by mid 2011. Together, they are expected to generate approximately 19 million KWh in their first year of operation and almost 400 million kWh over 20 years. This is equivalent to producing enough electricity to power almost 33,000 homes and a CO2 offset of removing almost 60,000 cars off the road. These projects will be SkyPower's fifth and sixth solar projects under the final stages of development in Ontario. "We are so proud to close financing on our fifth and sixth solar projects and to solidify the arrival of this new era of renewable energy in Ontario," said Kerry Adler, President and CEO of SkyPower Limited. "Deutsche Bank and SkyPower are great examples of Ontario's energy policy and entrepreneurial innovation working together and creating new green energy jobs. We look forward to the closing of financing on many more solar projects in the months ahead and helping to provide a cleaner, brighter future for generations to come."

The debt package amounts to approximately $70 million CAD. For Deutsche Bank, this debt closing marks the third successful close of financing in Ontario, Canada in just the past 9 months.

"We are pleased to partner with SkyPower on these projects. This financing further highlights Deutsche Bank's commitment towards the growing renewable energy sector" said Mr. Bernd Fislage, Head of Project Finance for Europe and North America, Deutsche Bank Asset Finance and Leasing.

Deutsche Bank is a leading global player in project finance advisory and arranging with significant track record in both renewables and infrastructure. Already a leader in Germany and Europe, the bank is rapidly expanding in North America, Asia and other key emerging markets.   SkyPower is one of Canada's largest owners and developers of large-scale solar parks with the proven expertise to successfully develop projects from initial discovery stages through to commercial operation. 

About SkyPower Limited

SkyPower Limited is one of Canada's largest owners and developers of solar energy projects. The company owns with its partner Canada's first utility-scale fully operating solar park. SkyPower also has an extensive pipeline of solar projects under construction and at various stages of development representing over 1500 MW of potential nameplate capacity across North America. SkyPower prospects, develops, manages, finances, owns and operates solar energy projects from initial discovery stages through to commercial operation. SkyPower helps many jurisdictions meet their increasing demand for cleaner, non-emitting renewable energy solutions. For more information about SkyPower, please visit www.skypower.com.

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong private clients franchise. With 82,504 employees in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.


SOURCE SkyPower Limited