Solar deal first greenfield for Fiera Axium II

Fiera Axium Infrastructure Canada II bought four solar facilities in Ontario.

Fiera Axium Infrastructure has finalised a deal with seller Ontario Solar PV Fields for a 42-megawatt solar photovoltaic (PV) portfolio, according to a press release.

The newly acquired assets are four facilities being developed to sell PV energy to the Ontario Power Authority (OPA) under a 20-year power purchase agreement (PPA).

Fiera Axium Infrastructure Canada II purchased the portfolio, its first greenfield investment, according to senior investment director Juan Caceres. 

Fund II has an open-ended feeder fund named Fiera Axium North America which raised C$200 million ($202 million; €155 million) for its first close in December 2012. Christopher Shaw, associate with Fiera Axium, declined to comment on the size of the fund.

Fiera Axium Infrastructure, jointly operated by Fiera Capital Corporation and Axium Infrastructure Management, closed its maiden fund two years ago on C$460 million.

The four facilities are spread throughout the province of Ontario, located in Hearst, Kapuskasing, Ramore and Wainwright. Hanwha Q CELLS will build the facilities. Ontario Solar PV Fields is a joint venture of Hanwha and ATS Automation Tooling Systems.

Financial close was achieved via $175 million of senior debt financing, which Fiera Axium said will also help pay for construction of the facilities. Natixis, Nord/LB and Bank of Tokyo-Mitsubishi UFJ arranged funding. Brookfield Financial acted as exclusive adviser.

Fiera Axium made its first solar PV transaction in July 2012, purchasing three solar parks in Ontario from EDF Group. The projects also carried a 20-year PPA with OPA. Fiera Axium has cited PV energy for its predictable cash flows.