Renfrew Community Solar

Renfrew Community Solar

Invested to date

$2,586,359

100%
$2,586,359

Term of loan
36 months

GREENHOUSE GASES AVOIDED EQUIVALENT TO 32 TONNES OF CO2 PER YEAR

1004 MWH OF CLEAN ENERGY GENERATED ANNUALLY

Community-scale solar projects in Ontario are often too small to attract financing from traditional lenders like banks and pension funds, but they are a great fit for CoPower’s Green Bonds.

The owners of the project, the Braeside Solar Energy Cooperative and Creativity + Inc, an Ottawa-based engineering consultancy, came together to form Renfrew Solar Enterprises. Their first project, a 599kW DC (500kW AC) ground-mounted solar PV project has been fully operational since July 2017 and features dual-axis tracking technology, allowing the solar panels to move with the sun and maximize electricity production. The engineering, procurement and construction (EPC) contractor was Carmanah Technologies, an industry leader with over 100 installations completed in Canada.

We financed this project via a special purpose entity that owns the project and sells power under a 20-year power purchase agreement with the IESO, rather than directly to the developers or owners of the project. This project finance structure means the loan does not rely on the credit of the project developer or owner.

In addition to the clear environmental benefits -- the project is expected to avoid over 40 tonnes of CO2 annually, the equivalent of 157,778 km driven by the average car -- CoPower was attracted to the project’s community ownership structure and is pleased support the participation of communities in growing the distributed clean energy market.

Most importantly, the loan provided by CoPower Green Bond financing allows Renfrew Solar Power Enterprises to free their own capital to invest in their next solar project.