Transactions
Selkirk arranges project financing for 20 MW (80 MWh) portfolio of battery energy storage projects in Ontario
Selkirk Advisory Group Inc. (“Selkirk”) is pleased to announce closing of an approximately $49.5 million non-recourse project financing for a portfolio of four 5 MW (20 MWh) battery energy storage projects located in Ontario, known as the Walker BESS 4, Walker BESS 5, Walker BESS 6 and Almonte BESS 1 energy storage projects (collectively, the “Projects”). The Projects were developed and will be managed by Compass Greenfield Development Inc. (“Compass”). The Projects are owned by entities affiliated with Compass in partnership with MoCreebec Eeyoud Council Board of the Cree Nation. Each Project will supply capacity to the Ontario electric grid pursuant to an Expedited Long-Term Reliability Services (E-LT1) Contract with the Independent Electricity System Operator of Ontario.
The financing consists of a long-term construction-to-term tranche maturing in April 2047 and a Clean Technology ITC bridge tranche. Selkirk acted as arranger for the lender and is also administrative and collateral agent for the transaction.
“This is our second financing working with Selkirk and they have again proven to be flexible and reasonable throughout this transaction” said Jonathan Cheszes, President of Compass. “Our growing relationship with Selkirk increases our exposure to lenders, improving our projects’ prospects and access to capital, enabling us to grow our portfolio in Ontario and beyond”.
“With their recent success in both the E-LT1 and LT1 capacity procurements, the Compass team have proven themselves to be leading developers in the Ontario market” said Daniel Doubilet, Managing Partner of Selkirk. “Selkirk greatly appreciates the collaborative and practical approach the Compass team takes to placing project financing. We are delighted to continue to support them and to cheerlead as they continue to grow their portfolio across Canada”.
