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Capstone Obtains Debt Funding for 132-MW Solar Project in Alberta

November 09, 2020, 09:00 AM
Filed Under: Energy

Capstone Infrastructure Corporation announced the construction of its 132-MW Claresholm solar park in Alberta is “in full swing” after new project financing has been secured.

In an update last week, the Canadian clean energy investor said that all funding conditions were met in relation to a previously agreed debt transaction for up to CAD 115 million (USD 88.4m/EUR 74.3m). A credit agreement for construction financing was signed with ATB Financial, Fiera Infrastructure Private Debt Fund LP and Telus Pensions Liability Hedging Master Trust in the summer.

Capstone is implementing the project in partnership with Danish renewable energy investment group Obton A/S. The latter owns a 49% interest in the scheme. Capstone bought the 51% majority shareholding from developer Perimeter Solar Inc in January this year.

The Claresholm photovoltaic (PV) farm is being installed in the municipal district of Willow Creek and will be the largest one of its kind in Canada, once completed, Capstone said. It has in place a power purchase agreement (PPA) with TC Energy Corp (TSE:TRP) for the output of a 74-MW portion of its capacity.

Mikkel Berthelsen, the chief legal officer of Obton, noted that the Danish firm is “ready to invest more in similar Canadian projects over the next years.”

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