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The project, Stone Mills, is located near Napanee, Ontario (Canada) and reached commercial operation in August 2012. The project sells power pursuant to a 20 year Renewable Energy Standard Offer Contract with the Ontario Power Authority.
Paul Huebener, Head of DIF Canada commented:
This project is another addition to DIF's growing North American portfolio of infrastructure investments and we expect it will provide immediate and stable cash flows to our investors.
The project is financed by a long-term loan with Manulife and is operated by an affiliate of Canadian Solar Inc. pursuant to a long term operations and maintenance agreement.
DIF is an independent fund management company managing funds of approximately €2 billion. DIF invests in infrastructure assets that generate long term stable cash flows, including PPP / PFI / P3 and renewable energy assets in Europe and North America.
DIF Infrastructure III was launched in January 2012. The fund held a first close in May 2012 and realised a final closing March 2013. The committed capital is € 800 million, which substantially exceeded the target of € 600 million.
Stonepeak Infrastructure Partners is an independent private equity investment firm specializing in North American middle-market infrastructure. Stonepeak invests in businesses comprised of hard assets with leading market positions primarily in the following sectors: Energy, Power & Renewables, Transportation, Utilities, Water & Communications.