DIF, a Dutch infrastructure investment firm, has acquired the Illumination project, a 10 megawatt ground-mounted photovoltaic solar project located in Scugog, Ontario. The deal’s financial terms were not disclosed. The seller was Canadian Solar Solutions Inc, a manufacturer of solar photovoltaic modules and provider of solar energy solutions. DIF said the Illumination project’s funding was wrapped up in May, with construction and term financing provided by Natixis, Rabobank and Nord/LB, and subordinated construction financing provided by Macquarie Capital. The project began commercial operation in November.
DIF Infrastructure III acquires 10MW solar project in Ontario
Toronto, 14 December 2015 – DIF Infrastructure III is pleased to announce the acquisition of the Illumination project, a 10 MW ground mounted PV solar project located in Scugog, Ontario, Canada.
The project is the third and final project to be acquired by DIF pursuant to a Master Sale and Purchase Agreement with Canadian Solar Solutions Inc., a subsidiary of Canadian Solar Inc. The acquisition of Illumination follows the acquisition of the Glenarm and Goldlight projects from Canadian Solar. The Illumination project reached commercial operation in November 2015 and sells power pursuant to a 20-year feed-in-tariff contract with the Ontario Power Authority.
The project reached financial close in May 2015, with construction and term financing for the project provided by Natixis NY Branch, Rabobank Nederland NY Branch and NordLB, and subordinated construction financing provided by Macquarie Capital.
Paul Huebener, Head of DIF Americas said, “Illumination is another high quality project acquired through our partnership with Canadian Solar, a preeminent solar manufacturer and developer in North America. The project will further increase DIF’s renewable energy portfolio in North America and provide investors long term, stable cash flows.”
DIF (www.dif.eu) is a leading independent fund management company with approximately €3.1 billion under management. Through five investment funds, DIF invests in high-quality infrastructure assets that generate long-term and stable cash-flows, including Public Private Partnership projects (PPP/PFI/P3), renewable energy projects and other core infrastructure projects in Europe, North America and Australia.
DIF has a team of over 50 professionals located across its offices in Amsterdam (Schiphol), Paris, Frankfurt, London, Madrid, Toronto, Sydney and Luxembourg. DIF has invested in and manages more than 130 infrastructure and renewable energy projects, with a total asset value of more than €20 billion.
For more information, please contact:
Christopher Mansfield, Partner, Head of Renewable Energy
Allard Ruijs, Partner, Head of Investor Relations & Business Development
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