National Bank, Sun Life Complete $368 Million Canada Solar Loan

National Bank of Canada and Sun Life Financial Inc. (SLF) completed a C$390 million ($368 million) loan for a 108-megawatt solar project in Ontario.

Project Borealis has 10 sites that are expected to be completed early next year, according to a statement today from the lenders. It will sell power to the Ontario Power Authority under a 20-year contract and qualifies for above-market rates through the province’s feed-in tariff program.

Sharp Corp. (6753)’s Recurrent Energy unit is developing the solar farm using panels from Toronto-based Celestica Inc. (CLS) It will be operated by the U.S. renewable-energy unit of French utility Electricite de France SA.

Sun Life Assurance, Canada’s third-largest insurer, and National Bank Financial co-underwrote the privately placed debt, which has a term of 19 years plus construction.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.