PSI Solar Finance 1 Limited Partnership as borrower (a subsidiary of Potentia Solar Inc.) entered into a credit agreement with The Manufacturers Life Insurance Company as agent pursuant to which The Manufacturers Life Insurance Company and The Canada Life Assurance Company as lenders agreed to establish a $58 million senior secured loan facility in favour of the borrower to finance the acquisition, development and operation of approximately 95 solar photovoltaic (PV) rooftop facilities.
Each rooftop project is the subject of a Feed-In Tariff Contract with the Ontario Power Authority. The projects are expected to generate an aggregate operating output of at least 13.0MW (DC) by October 2013.
Potentia Solar Inc. is an independent power producer in Ontario that generates electricity through its own 100 per cent solar-powered energy systems. Potentia and its subsidiaries were represented by Executive Vice President and General Counsel Gordon McMehen and by Chief Financial Officer Richard Dainard, and by McMillan LLP, with a team that consisted of Stephanie Robinson and Ahsan Mirza (finance); Robert Antenore and Roberto Andreacchi (real property) and Mike Richmond, Dean Psarras, Sandra Sbrocchi and Robert Hester (corporate). Jennifer Allen of Gardiner Roberts LLP represented Potentia Solar Inc. in connection with certain corporate matters.
The Manufacturers Life Insurance Company was represented by Scott Kraag (project finance); Jonathan Weisz (commercial and regulatory); Harry Cherniak (project finance) and Sabrina Gherbaz (real property) of Torys LLP.