National Bank Financial and Sun Life Financial Announce Closing of Project Borealis PV Solar Farms in Ontario, Canada

National Bank Financial and Sun Life Financial Announce Closing of Project 
Borealis PV Solar Farms in Ontario, Canada 
TORONTO, Dec. 17, 2013 /CNW Telbec/ - National Bank Financial Inc. ("National 
Bank Financial") and Sun Life Assurance Company of Canada ("Sun Life 
Assurance"), a wholly owned subsidiary of Sun Life Financial Inc., are pleased 
to announce the successful closing of private placement financings totalling 
$390 million of Senior Secured Construction and Acquisition Term Loan 
Facilities for a 108 megawatt (MW) portfolio of solar photovoltaic projects, 
being developed by Recurrent Energy, in Ontario, Canada. 
The portfolio consists of ten solar sites, known as Project Borealis, which is 
currently under construction and expected to be completed in early 2014. 
Each of the sites has received an Ontario Feed-in-Tariff ("FIT") contract and 
upon commissioning, the generated energy, sufficient to power approximately 
10,800 homes, will be sold to the Ontario Power Authority at a fixed rate of 
44.3 cents per kilowatt hour for the next 20 years. 
National Bank Financial and Sun Life Assurance acted as debt co-underwriters 
for the unrated private placement financings. National Bank Financial also 
acted as bookrunner on the financings and is acting as administrative agent 
for the lenders on an ongoing basis. Sun Life Assurance acted as lead lender 
on the financings. 
The term of the amortizing debt facilities is construction plus 19 years. 
Semi-annual coupons will be paid at a fixed rate and principal repayments are 
made throughout the operating period. 
The portfolio of projects is being developed by San Francisco-based solar 
developer, Recurrent Energy, who has invested significantly in the Ontario 
solar market. Upon construction completion, investors Fiera Axium 
Infrastructure and Metropolitan Life Insurance Company will act as the new 
equity sponsors and have agreed to purchase the sites from Recurrent Energy 
under a forward purchase and sale agreement. 
"We are delighted to be part of this significant transaction and pleased to be 
able to assist Recurrent Energy, MetLife and Fiera Axium in their investments 
in Ontario's renewable energy initiatives" said Peter Hepburn, Head and 
Managing Director of the Infrastructure Finance Group, National Bank 
Financial. "The underwriting commitment provided by National Bank and Sun 
Life for both the construction and acquisition loans was a key feature in 
enabling the transaction to take place." 
"Given Sun Life's focus on sustainable investment, we were pleased to support 
the sponsors on the Project Borealis transaction - a clean reliable source of 
renewable energy for Ontario communities. The innovative structure further 
highlights the benefits of a customized private placement financing solution" 
said John Vincent, Senior Managing Director and Head of Project Finance, Sun 
Life Financial. 
The portfolio of projects will use solar modules manufactured by Celestica, 
LLC and will be operated by EDF Renewable Services. The debt financings were 
split into four clusters, with each cluster consisting of two or three solar 
farms. Each legally and operationally distinct cluster was financed 
independently on a non-recourse project finance basis. 
About National Bank of Canada 
With $188 billion in assets as at October 31, 2013, National Bank of Canada 
(www.nbc.ca), together with its subsidiaries, forms one of Canada's leading 
integrated financial groups, and was named among the 20 strongest banks in the 
world by Bloomberg Markets magazine. The Bank has close to 20,000 employees 
and is widely recognized as a top employer. Its securities are listed on the 
Toronto Stock Exchange (TSX: NA). Follow the Bank's activities via social 
media and learn more about its extensive community involvement 
atclearfacts.caand commitment.nationalbank.ca. 
About National Bank Financial Inc. 
With $80 billion in assets under administration, National Bank Financial is a 
fully-integrated investment dealer combining retail advisory and brokerage 
services with institutional brokerage, investment banking, corporate finance, 
and securities clearing for third parties. National Bank Financial offers its 
services to more than 350,000 clients. Its Financial Markets division has a 
major presence in Toronto, Calgary, Vancouver and Montreal, as well as 
operations in the United States and Europe. 
About Sun Life Financial 
Sun Life Assurance Company of Canada is a wholly owned subsidiary of Sun Life 
Financial Inc. and a member of the Sun Life Financial group of companies. Sun 
Life Financial is a leading international financial services organization 
providing a diverse range of protection and wealth accumulation products and 
services to individuals and corporate customers. Sun Life Financial and its 
partners have operations in key markets worldwide, including Canada, the 
United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, 
Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and 
Bermuda. As of September 30, 2013 the Sun Life Financial group of companies 
had total assets under management of $590 billion. For more information 
please visit www.sunlife.com 
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and 
Philippine (PSE) stock exchanges under the ticker symbol SLF.
 

SOURCE  National Bank of Canada 
National Bank: Jean-François Cadieux Chief Advisor Public Affairs T. 
514.394.6500 jean-francois.cadieux@bnc.ca 
Sun Life Financial: Gannon Loftus Senior Media & PR Specialist Corporate 
Communications T. 416.979.6345 gannon.loftus@sunlife.com 
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CO: National Bank of Canada
ST: Ontario
NI: FIN UTI VNT PVT  
-0- Dec/17/2013 12:30 GMT