Penn Energy Renewables raises financing for three solar power projects in Ontario, Canada

Penn Energy Renewables has secured $125m as financing for three solar energy projects situated in Ontario, Canada.

Rabobank, KeyBank National Association and National Bank of Canada have offered the capital for the projects, which have a combined generation capacity of 37MW.

Rabobank was the coordinating lead arranger for the project financing, with the other two being joint lead arrangers.

Ontario Power Authority (OPA) will be receiving the power generated from the projects for 20 years under three separate power purchase agreements (PPA).

Located at Uxbridge, Burford and Kawartha Lakes in the state, these projects are recent in a series of solar energy projects under Penn Energy’s portfolio.

Penn Energy has closed three similar projects within the last two years.

The power firm develops, acquires, and invests in utility-scale solar projects and presently has a capacity around 100MW (DC).

OPA has signed feed-in-tariff contracts with Penn Energy for seven solar power generation projects in Ontario.