Kineticor and other project development sponsors secure C$1.5B in financing for Cascade Power Project

Date Closed

August 26, 2020

Lead Office

Toronto

Value

1.50 Billion CAD

On August 27, 2020, Kineticor Resource Corp., together with joint development sponsors Macquarie Capital and OPTrust and project sponsors OPTrust, Axium Infrastructure and DIF Capital Partners, successfully closed financing on the C$1.5 billion Cascade Power Project (Cascade). The syndicate of lenders was comprised of National Bank Of Canada, ATB Financial, Nomura Corporate Funding Americas, LLC, MUFG Bank, Ltd., Canada Branch, ING Capital LLC, Macquarie Capital Funding LLC, Siemens Financial Ltd., Natixis, New York Branch, Fiera Private Debt Fund VI LP and Canadian Western Bank.

Cascade is a 900 megawatt combined cycle natural gas-fired generating facility located near Edson, Alberta. Cascade will lead the transition to a lower carbon intensive power grid in Alberta by transitioning off coal fired power and creating low emissions electricity that is expected to supply over 8 per cent of Alberta’s average demand. Cascade is anticipated to result in one of the largest emission reductions in Canada’s electricity sector.

McCarthy Tétrault advised the syndicate of senior secured lenders with a team led by Stephen Furlan and Joseph Palin that included Lynn Parsons, Trevor Morawski, Candace Pallone, and Genevieve Loxley (Financial Services), Seán C. O'Neill, Brian Bidyk, Zachary Masoud, Etienne Ravilet Guzman, Firuz Rahimi, Kimberly Howard and Jamie Gibb (Power), Mark Christensen and David Meier (Real Estate), Anca Neacsu and Scott Chalmers (Infrastructure).

McCarthy Tétrault also acted for ATB as lenders to McLeod River Power Group LP, the partnership formed between OPTrust, Kineticor and the Indigenous communities, with a team including James-Scott Lee, Christina Grimes and Audrey Bouffard-Nesbitt (Financial Services).

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