Transactions
Selkirk arranges project financing for 16 MW (64 MWh) battery energy storage project in Ontario
Selkirk Advisory Group Inc. (“Selkirk”) is pleased to announce closing of an approximately $46.6 million non-recourse project financing for the 16 MW (64 MWh) North Glengarry battery 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 Selkirk team made it very easy to work with them again” said Jonathan Cheszes, President of CGD. “They continue to demonstrate their value for both lenders and borrowers alike. We look forward to building on our recent portfolio of over $124 million in financing with them.”
“This is Selkirk’s fourth transaction in less than 18 months working with the Compass Greenfield team and their partners, which we believe is a testament to the high quality of projects Compass develops” said Daniel Doubilet, Managing Partner of Selkirk. “We appreciate their practical and collaborative approach to project financing and look forward to closing more financings together in the near future.”
