Saturn Power financing for Saskatchewan’s first utility scale Solar PV project

On Mar. 31, Saturn Power Inc. (“Saturn Power”) secured a $14 million term loan from CWB Maxium, on a project finance basis, to fund the construction of its Highfield Solar Project, Saskatchewan’s first industrial-sized solar facility. First announced in 2018, the Highfield Solar Project is expected to provide 10 MW AC of solar energy to Saskatchewan’s energy supply through a Power Purchase Agreement with SaskPower, and has already begun construction in collaboration with miEnergy, a renewable energy solutions provider, since fall 2020.

Saturn Power, founded in 2007 and based in Baden, Ontario, has over 600 MW of renewable energy generation and storage projects in development, built or operating, including solar, battery storage and wind power projects in Canada, Bermuda, the U.S. and Turkey.

Miller Thomson LLP represented Saturn Power in the project financing with a team composed of
Aaron Atcheson,
Katlyn Cooper.

McMillan LLP represented CWB Maxium with a team led by
Ahsan Mirza,
and which included
Alex Ricchetti.