Penn Energy Renewables Gets $125 Million for Ontario Solar Farms

Penn Energy Renewables Ltd., a U.S. developer of solar farms in Ontario, closed $125 million in loans to build three projects in the Canadian province.

Rabobank Group arranged the loans with assistance from KeyBank National Association and National Bank of Canada, the Bala Cynwyd, Pennsylvania-based company said Tuesday. Financial terms weren’t disclosed.

The three solar farms -- in Uxbridge, Burford and Kawartha Lakes -- will have a combined capacity of 37 megawatts and sell power to the Ontario Power Authority under separate 20-year contracts.

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