Toronto: SkyPower announced October 5 that Deutsche Bank has agreed to provide it with a $67 million revolving credit facility, to support the ongoing development of SkyPower’s portfolio of utility-scale solar projects in Ontario.
“This agreement with Deutsche Bank gives us further flexibility to expand our presence in the Ontario Feed-in Tariff market. This will mean the creation of thousands of new solar jobs in the areas of manufacturing, engineering, construction and environmental sciences,” said SkyPower President and Chief Executive Officer Kerry Adler.
“Ontario is a great place to invest and we are thankful for innovative legislation like the Green Energy Act and FIT program, because it has made Ontario the most attractive market for renewable energy in the world.”
The financing is a letter of credit facility innovatively structured to leverage the benefits of Ontario’s green energy program. Last year, Deutsche Bank and SkyPower signed a major $110 million solar energy financing deal that supported the completion of three utility-scale solar projects in Ontario with a nameplate capacity of 30 MW.