Transactions
Selkirk arranges project financing for 10 MW (40 MWh) battery energy storage project in Ontario
Selkirk Advisory Group Inc. (“Selkirk”) is pleased to announce closing of an approximately $29 million non-recourse project financing for the 10 MW (40 MWh) Almonte BESS 2 battery energy storage project located in Ontario (the “Project”). The Project was developed by Compass Greenfield Development Inc. (“CGD”) and is owned by parties affiliated with CGD in partnership with Algonquins of Pikwakanagan First Nation. The Project will supply capacity to the Ontario electric grid pursuant to a Long-Term Reliability Services (LT1) Contract with the Independent Electricity System Operator of Ontario.
The financing consists of a long-term construction-to-term tranche maturing in April 2048 and a Clean Technology investment tax credit bridge tranche. Selkirk acted as arranger for the lender and is also administrative and collateral agent for the transaction.
“The closing of this financing for Almonte BESS 2 represents another important milestone in CGD’s strategic plan and we were very pleased to have worked with the Selkirk team again” said Jonathan Cheszes, President of CGD. “Building on our recent experience, we were able to collectively overcome challenges that enabled us to close the financing on time. We continue to realize great benefits from working with Daniel and his team.”
“The Selkirk team is grateful to CGD and its partners for their continued confidence in facilitating project financing for their projects,” said Daniel Doubilet, Managing Partner of Selkirk. “We are glad to play a role in advancing Ontario’s cleaner energy future. We very much look forward to supporting CGD through construction of this project and in financing future projects as they grow their impressive portfolio.”
