Okikendawt Hydro L.P., an entity owned indirectly by Hydromega Services Inc. and the Dokis First Nation, closed approximately $60-million of credit facilities intended to finance the construction of a 10-MW hydroelectric project to be located on the French River in the district of Parry Sound, Ontario. The project financing is being provided by Stonebridge Infrastructure Debt Fund I Limited Partnership and Industrial Alliance Insurance and Financial Services Inc.
The project is situated on federal Crown lands subject to the Dominion Water Power Act ; reserve lands subject to the Indian Act, and provincial Crown lands subject to the Public Lands Act and the Provincial Parks and Conservation Reserves Act. Electricity from the project will be sold to the Ontario Power Authority pursuant to a 40-year FIT Contract.
Okikendawt Hydro L.P. and Hydromega were represented by Danièle Chouinard, Hydromega's vice president, legal affairs; and by Davies Ward Phillips & Vineberg LLP with a team that included Nick Williams, Will Buchner and Dan Wolfensohn (banking and project finance); Gabriella Lombardi (real estate); and Sarah Powell and Alexandria Pike (energy and environmental). The Dokis First Nation was also represented by Steve Moutsatsos of Weaver Simmons LLP.
The lenders were represented by Dentons Canada LLP with a team that included Phil Rimer (financial services and real estate); Jillian Shortt, Janet MacNeil and Allyson Roy (real estate) and Heidi Clark (financial services).