TerraForm secures $86 million to expand Canada solar project

By Wendy Van Sickle

Columbus, Ohio, March 2 – TerraForm Power, Inc. secured about $86 million in expansion of project financing for four utility-scale solar plants in Ontario, Canada, according to a press release.

The financing is through a seven-year non-recourse portfolio credit facility. The new tranche of financing is an add-on to a previous financing of about $90 million, bringing the total facility to about $175 million, according to the release.

The financing was led by bookrunners and lead arrangers Deutsche Bank Securities and Canadian Imperial Bank of Commerce.

CIBC also acted as administrative agent. Commonwealth Bank of Australia acted as documentation agent and was a co-syndication agent along with Siemens Financial, Federation des caisses Desjardins du Quebec and Laurentian Bank of Canada.

Proceeds from the initial financing were used to repay $70 million of TerraForm Power’s revolving credit facility. The company plans to use the additional proceeds to further reduce its debt and for general corporate purposes.

TerraForm is a Bethesda, Md., owner and operator of clean energy power plants.

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