Dutch fund manager DIF has reached financial close on the acquisition of the Illumination project, located in Scugog, Ontario, from solar power company Canadian Solar.
Expected to commence this month, construction of the 10-megawatt (MW) plant is due to complete by the last quarter of 2020. The project will then sell power under the terms a 20-year feed-in tariff arrangement with the Ontario Power Authority.
It is the third to be acquired by DIF from Canadian Solar this year, under a master sale and purchase agreement that leaves just one 10MW asset – the Beamlight project in Georgina – still to change hands in the near future. Today’s transaction follows the acquisition of the Glenarm and Goldlight plants in January and March.
“This is another important milestone in the development and construction of the pipeline of projects DIF is acquiring from Canadian Solar, and they are a key addition to DIF’s North American infrastructure portfolio,” said Paul Huebener, DIF’s head of Americas, in a statement.
The project is financed by a club of banks including Natixis, NordLB and Rabobank, with Macquarie Capital also providing subordinated construction financing.
DIF, which has more than 300MW of solar projects under management in North America and Europe, opened its Toronto office in October 2012. It is currently investing its Infrastructure Fund III, which closed on €800 million in March 2013.
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