Recurrent Energy Enters Credit Facility In Financing Solar Generating Projects in Ontario

National Bank Financial Inc., as mandated co-underwriter and administrative agent, and Sun Life Financial, as mandated co-underwriter and lead lender, led a syndicate of lenders in the provision of senior debt financing for the development, construction, acquisition, and operation of 10 solar photovoltaic generating projects being developed and constructed in Ontario by the initial sponsor, Recurrent Energy, LLC, comprising a combined output of approximately 108 MW.

The credit facilities were provided in four separate clusters of projects totalling approximately $330 million, and provide both construction financing and acquisition and long term financing upon sale of the projects following COD. Upon sale of the projects, Fiera Axium Infrastructure Canada and MetLife Capital will take equal 50 per cent ownership interests in eight of the projects, and Fiera Axium Infrastructure Canada will acquire the remaining two projects. Financial close for the four clusters occurred on May 10, 2013, June 14, 2013, August 1, 2013, and September 24, 2013, respectively, and sale close of each of the clusters following COD was expected to begin in December 2013.

National Bank Financial Inc., and Sun Life Financial, on behalf of the lenders, were represented by Borden Ladner Gervais LLP with a team of Linda Bertoldi, Bruce Fowler, Gus Karantzoulis, Domenic Damiani, Ian Houston, Adam Chamberlain, Sonia Molodecky, John Vellone and Jenna Grant.

Torys LLP acted as counsel to the project borrowers on behalf of Recurrent Energy, LLC, Fiera Axium Infrastructure Canada, and MetLife Capital, with a team of Jonathan Weisz, Milosz Zemanek, Amanda Balasubramanian, Yinka Olusoga, Adrienne Glen and Will Hooper. Charles Reagh at Stewart McKelvey acted as counsel to Recurrent in Nova Scotia.

Gowling Lafleur Henderson LLP is acting for Fiera Axium Infrastructure Canada, and MetLife Capital with a team of Paul Harricks, Irene Chang, Ian Mondrow, Tim Wach, Rob Blackstein, Danielle Waldman, Graham Darling, Tom Timmins, Harry Dahme and Martine Guimond.

The lenders are represented in the US by Morrison & Foerster LLP with a team of Jonathan Melmed, Peter Dopsch and Charles Ciaccio.

Recurrent Energy, LLC is represented in the US by in-house counsel Judy Hall and Simon Ross, and by outside counsel Orrick, Herrington and Sutcliffe LLP with a team of John Cook and Kristin Seeger.

Fiera Axium Infrastructure was also represented by Frédéric Brassard, vice president, corporate development and legal affairs of Fiera Axium Infrastructure; MetLife Capital was also represented by William Ding, associate general counsel of Metropolitan Life Insurance Company.


Jonathan B. Weisz John A.D. Vellone Timothy S. Wach Milosz A. Zemanek Gus Karantzoulis Charles S. Reagh Martine Guimond Danielle Waldman Adam Chamberlain Linda L. Bertoldi Ian A. Mondrow Graham H.H. Darling Paul H. Harricks Rob Blackstein Sonia Molodecky Domenic Damiani Ian J. Houston Amanda C. Balasubramanian Bruce E. Fowler Adrienne Love Thomas J. Timmins


Borden Ladner Gervais LLP (BLG) Torys LLP Stewart McKelvey Gowling WLG Morrison & Foerster LLP Orrick, Herrington & Sutcliffe LLP