Transactions
Selkirk advises on refinancing for 11 MW hydro project portfolio in British Columbia
Selkirk Advisory Group Inc. (“Selkirk”) is pleased to announce closing of an approximately $15.7 million non-recourse project refinancing for an 11 MW portfolio of operating run-of-river hydro projects located on Vancouver Island and owned by Synex International Inc. (“Synex”). The portfolio consists of (1) 2.8 MW Cypress Creek hydro project (wholly owned by Synex), (2) 3.8 MW Mears Creek hydro project (wholly owned by Synex), and (3) 4.4 MW Barr Creek hydro project (80% owned by Synex and 20% owned by Ehattesaht First Nation). Each project sells all electricity generated to British Columbia Hydro and Power Authority pursuant to long-term, fixed-price Electricity Purchase Agreements.
The portfolio refinancing was completed by way of a series of individual financing transactions, with long-term, fixed-rate loans maturing as late as 2045. Selkirk acted as financial advisor to Synex, and following closing, is administrative and collateral agent for the lenders.
“We are very pleased with the level of commitment, engagement and dedication that the Selkirk team showed and the results they were able to deliver during these COVID times. They made themselves available seven days a week. I would highly recommend them to anyone seeking a financing or refinancing,” said Daniel J. Russell, President & CEO of Synex.
“Selkirk is delighted to have been given the opportunity to assist Synex with this important transaction and the process management has undertaken to restructure the company’s balance sheet,” said Daniel Doubilet, Managing Director of Selkirk. “We appreciate the faith of Synex’s management and greatly look forward to partnering with Synex on future transactions, as management takes the company into its next stage of growth.”
For more information regarding Synex and the refinancing transactions, see the full press releases for the Mears/Cypress Creek financing and the Barr Creek financing.
