Date Closed

March 12, 2013

Lead Office

Toronto

Value

171.80 Million CAD

On March 12, 2012, St. Clair Holding, an indirect subsidiary of NextEra Energy Resources, purchased two solar photovoltaic projects totaling 40 MW in St. Clair, Ontario from First Solar.

The projects were designed, developed and constructed by First Solar using its advanced thin film PV modules, and began commercial operation in February 2012. They are owned and operated by subsidiaries of NextEra Energy Resources' Canadian unit, NextEra Energy Canada, ULC, and provide enough power to serve about 6,440 homes. St. Clair Holding, Inc. an indirect subsidiary of NextEra Energy Resources, completed a C$171.8 million bond issuance to finance the purchase. This was the first rated bond financing for a Canadian solar project.

NextEra Energy Resources, headquartered in Juno Beach, Florida, is a wholesale electricity supplier.

This transaction was awarded Project Finance International's "North American Project Bond Deal of the Year" for 2012.

 

McCarthy Tétrault LLP represented St. Clair Holding, Inc. as bond issuer with a team led by Andrew Parker and including Stephen Furlan, Cristian Blidariu, Jo-Anna Brimmer, James Morand and Stephanie Yarmo.