Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) and Samsung Renewable Energy Inc have formed a partnership to provide equity funding to the 50 megawatt Windsor Solar Project in Windsor, Ontario. The funding’s value was not disclosed. The partners also announced that about $195 million in debt financing has been raised for the project. The Windsor Solar Project will produce energy for about 8,500 Ontario homes upon its completion in late 2016 or early 2017. CC&L Infrastructure is an affiliate of Canadian asset management firm Clark & Lunn Financial Group Ltd.
Samsung and Connor, Clark & Lunn Announce Financing for 50MW Solar Project
WINDSOR SOLAR PROJECT TO CREATE HUNDREDS OF LOCAL JOBS IN THE COMMUNITY
WINDSOR, ON, Dec. 10, 2015 /CNW/ – Samsung Renewable Energy, Inc. (Samsung) and Connor, Clark and Lunn Infrastructure today announced the formation of a partnership to provide equity funding for the 50 megawatt (MW) Windsor Solar project in Windsor, Ontario. The partners also announced the closing of an approximately $195 million debt financing for the project. Utilizing Ontario-made solar panels and inverters, the Windsor Solar project will produce enough clean energy to meet the needs of approximately 8,500 homes in Ontario each year.
Hundreds of workers from across Ontario will be involved in every aspect of the Windsor Solar project – from manufacturing and assembly of solar panels and inverters, to site construction, installation and project operations. During the construction phase alone, more than 100 workers will be on site, including local subcontractors that will be utilized for various aspects of the project’s development. The Windsor Solar project will begin construction soon, with completion scheduled for late 2016 or early 2017.
“Samsung is proud to be working with the Windsor community on the construction of this project,” said Mr. Steve Cho Vice President, Samsung C&T. “The Windsor Solar project, along with our other projects in the Province, is creating thousands of high-skilled jobs that will benefit real people in this community and across Ontario.”
“We would like to thank the City of Windsor for its strong support and we look forward to making a positive contribution to the local economy over the coming years,” said Matt O’Brien, President of CC&L Infrastructure. “We would also like to express our gratitude to our co-investment partner – Régime de rentes du Mouvement Desjardins – while acknowledging the significant involvement of our development partner, CarbonFree Technology Inc.” Mr. O’Brien added, “Connor, Clark & Lunn Infrastructure is delighted to be making its third large solar investment with Samsung. The investment adds another high quality, long-life investment to our diversified portfolio of infrastructure assets.”
“I am pleased to welcome the Windsor Solar project to the airport lands,” said Mayor Drew Dilkens. “This partnership between Windsor Solar, the City of Windsor and Windsor International Airport (YQG) not only brings a green energy investment to the City, but will generate revenue for the City and create jobs during the installation phase of the project.”
Over the course of its 20-year power purchase agreement with the Independent Electricity System Operator (IESO), the Windsor Solar project will support the local economy with more than $18 million in local investment, including significant funding for community initiatives, a contribution to a Community Vibrancy Fund, and taxes paid to the local municipality.
Utilizing solar panels manufactured by Canadian Solar and inverters made by SMA America, the Windsor Solar project will help the province of Ontario reach its clean energy goals. Compared to coal-fired generation, the Windsor Solar project will offset approximately 81,000 tons of CO2 each year, the equivalent of taking nearly 15,000 cars off the roads.
About Samsung Renewable Energy
Samsung Renewable Energy is creating clean, renewable energy for generations to come. Together with our partners, Samsung is making a $5-billion investment in Ontario to create the world’s largest cluster of wind and solar power. Our investments will create 900 direct renewable energy manufacturing jobs and 9,000 high-skilled indirect jobs in Ontario. Built on Samsung C&T’s commercial and technical expertise and the success of its renewable energy projects in several countries – including the United States and Europe – Samsung is creating real jobs, through real investment, benefitting real people. For more information, please visit www.samsungrenewableenergy.ca.
About Connor, Clark & Lunn Infrastructure
Connor, Clark & Lunn Infrastructure invests in middle-market infrastructure and infrastructure-like assets with highly attractive risk-return characteristics, long lives and the potential to generate stable cash flow. Connor, Clark & Lunn Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage approximately $62 billion in assets. For more information, please visit www.cclinfrastructure.com.
For further information: Tim Smitheman, Manager – Communications, Government and Public Relations, Samsung Renewable Energy, Inc., 416-817-9362, email@example.com; Greig McKenzie, Chief Marketing Officer, Connor, Clark & Lunn Financial Group Ltd., (416) 304-6634, firstname.lastname@example.org
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