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MUFG Union Bank, Ltd., Canada Branch (MUFG), and Associated Bank, N.A. finances acquisition of a portfolio of wind projects in Ontario by Capstone Infrastructure

Date Closed

January 07, 2021

Lead Office

Toronto

On January 8, 2021, Capstone Power Corp. (Capstone), with MUFG Union Bank, Ltd., Canada Branch (MUFG), and Associated Bank, N.A. acting as lenders, completed its acquisition of a 29 MW portfolio of four Ontario wind projects: the Springwood Project, the Whittington Project, the Napier Project and the Sumac Ridge Project from wpd Europe GmbH (wpd). MUFG Bank, Ltd., is acting as administrative agent for the credit facility and MUFG Union Bank, N.A., is acting as collateral agent.

Capstone owns and operates approximately 570 MW net of installed capacity across 28 facilities in Canada, including wind, hydro, solar, biomass, and natural gas power plants.

McCarthy Tétrault advised MUFG Union Bank, Ltd., Canada Branch (MUFG), and Associated Bank, N.A., with a team led by Stephen Furlan that included Jacob Stone, Candace Pallone, Chris Zawadzki, Alexandre Saulnier-Marceau, Daryna Kutsyna (Financial Services), Suzanne Murphy (M&A), Ted Cox, Zainab Fayyaz (Real Property), and Joanna Rosengarten and Reena Goyal (Regulatory).

A separate team led by Mary Jeanne Phelan also represented MUFG Union Bank, N.A., as collateral agent.

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