Transactions
Selkirk arranges project financing for first utility-scale solar project in Saskatchewan
Selkirk Advisory Group Inc. (“Selkirk”) is pleased to announce closing of an approximately $13 million non-recourse project financing for an operating 10 MW solar project located south-east of Swift Current, Saskatchewan (the “Project”) and owned by Saturn Power Inc. (“Saturn”). The Project is the first operational utility-scale solar project in Saskatchewan and produces enough renewable energy to power approximately 2,500 homes. All electricity generated is sold to Saskatchewan Power Corporation pursuant to a 20-year power purchase agreement.
The financing was completed with a long-term, fixed-rate loan maturing in 2041. Selkirk acted as arranger for the lender and is also administrative and collateral agent for the transaction.
“Saturn was honored to be the developer of Saskatchewan’s first utility scale solar project, bringing it on-line ahead of schedule during a pandemic” said Doug Wagner, Founder and President of Saturn. “Having been involved with numerous financings on past projects, I can honestly say the Selkirk team have been great to work with and have completed their job in an efficient and timely manner”.
“It was a great experience working with Saturn Power on this transaction. Selkirk is greatly appreciative of the opportunity to arrange this financing and to have played a role in the success of the first utility-scale solar project in Saskatchewan” said Daniel Doubilet, Managing Director of Selkirk. “We look forward to continuing to build our relationship with the Saturn Power team, as they continue to expand their portfolio in Saskatchewan, in Canada and beyond.”
