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DIF Infrastructure III has achieved financial closure on the third 10 MW ground mounted PV solar project that is to be acquired by DIF pursuant to a Master Sale and Purchase Agreement with Canadian Solar Solutions Inc.
The project, Illumination, is located in Scugog, Ontario, Canada. Construction will commence this month and will be executed by PCL, with commercial operations expected in Q4 2015. The project will sell power pursuant to a 20 year feed in tariff with the Ontario Power Authority.
The project is financed by a club of banks including Natixis, NordLB and Rabobank. In addition, Macquarie Capital has provided subordinated construction financing to the project, all similar to the initial projects DIF has acquired from Canadian Solar.
Paul Huebener, DIF's Head of Americas said,
"This is another important milestone in the development and construction of the pipeline of projects DIF is acquiring from Canadian Solar, and they are a key addition to DIF's North American infrastructure portfolio."
DIF is an independent fund management company managing funds of approximately € 2.0 billion. DIF invests in infrastructure assets that generate long term stable cash flows, including PPP / PFI / P3 and renewable energy assets in Europe, North America and Australia.