Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) and Samsung Renewable Energy have formed a partnership to provide equity financing to the Kingston Solar Project, a 100 megawatt initiative based in Ontario’s Kingston and Loyalist Township. The partners also announced the close of debt financing for the project. Financial details were not disclosed for either of the funding arrangements. Construction of the project is expected to begin soon, with completion anticipated by late 2015. CC&L Infrastructure is an affiliate of Canadian asset manager Connor, Clark & Lunn Financial Group.
Samsung and Connor, Clark & Lunn announce financing for 100 MW Solar Project
Kingston Solar Project to Create Hundreds of Jobs in Local Community
TORONTO, July 21, 2014 /CNW/ – Samsung Renewable Energy, Inc. (Samsung) and Connor, Clark & Lunn Infrastructure today announced the formation of a partnership to provide equity funding for the 100 megawatt (MW) Kingston Solar Project, which is among the largest solar projects in North America. The partners also announced the closing of debt financing for the project, the second large solar project financed jointly by Samsung and Connor, Clark & Lunn Infrastructure in the last year. Samsung and Connor, Clark & Lunn Infrastructure entered a similar partnership in late 2013 to finance the 100 MW Grand Renewable Solar Project, which is currently under construction.
Located in the City of Kingston and Loyalist Township, the Kingston Solar Project will employ hundreds of workers across Ontario in various capacities, including equipment manufacturing, onsite construction and long-term project operations. In the Kingston area, an average of 400 workers will be onsite during construction, including many employees of local subcontractors. Construction is expected to begin soon, with completion anticipated by late 2015.
The project will use solar modules and inverter houses manufactured in Guelph, ON and London, ON by Canadian Solar Solutions Inc. and inverters made in Toronto by SMA Canada Inc. Canadian Solar Solutions Inc. will also act as the engineering, procurement and construction (EPC) contractor for the Project.
“Samsung is proud to be a part of the Kingston and Loyalist community,” said Steve Cho, Vice President, Samsung C&T. “The Kingston Solar Project will create hundreds of high-skilled jobs across Ontario and locally that will benefit real people in this community.”
“We would like to thank the City of Kingston and Loyalist Township for their 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 Connor, Clark & Lunn Infrastructure. “We would also like to express our gratitude to our co-investment partners – Régime de rentes du Mouvement Desjardins, CAAT Pension Plan and Industrial Alliance – while acknowledging the significant involvement of our development partner, CarbonFree Technology Inc.” Mr. O’Brien added, “Connor, Clark & Lunn Infrastructure is very pleased to be making its second large solar investment with Samsung. The investment is an excellent addition to our growing portfolio of high-quality infrastructure assets.”
About Samsung Renewable Energy, Inc.
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 part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage approximately $55 billion in assets. For more information, please visit www.cclinfrastructure.com.
SOURCE Connor, Clark & Lunn Infrastructure
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