Transactions & Cases Detail



Transaction/Case Details

ABW Solar General Partnership completes C$200 million solar farm acquisition and financing

DATE CLOSED

August 23, 2013

BUSINESS SECTOR

Power

LEAD OFFICE

Toronto

VALUE

200 Million CAD


OVERVIEW

On August 23, 2013, GE Energy Financial Services, a division of GE Capital, and Alterra Power Corp. closed the acquisition and financing of the ABW Solar Projects, a cluster of three solar photovoltaic power projects located in southwestern Ontario with approximately 50 megawatts of nameplate capacity. The projects were designed and constructed by First Solar Development (Canada), Inc., a subsidiary of First Solar, Inc. and were sold to ABW Solar General Partnership. The ABW Partnership consists of majority owner GE Energy Financial Services and Alterra Power Corp., which made an equity contribution and serves as the projects' managing partner.

The ABW Partnership raised debt financing for the acquisition by way of three credit facilities that committed approximately C$200 million. The Manufacturers Life Insurance Company acted as the lead arranger of the syndicate of lenders that included The Canada Life Assurance Company, The Great-West Life Assurance Company, Caisse de Dépôt et Placement du Québec and Sun Life Assurance Company of Canada.

McCarthy Tétrault LLP represented The Manufacturers Life Insurance Company and the syndicate of lenders, with a team led by Stephen Furlan.

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