National Bank of Canada and Sun Life Financial Inc. 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.’s Recurrent Energy unit is developing the solar farm using panels from Toronto-based Celestica Inc. 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.