Axium Infrastructure

Acted for Axium Infrastructure in connection with a mezzanine financing of a portfolio of solar projects located in Ontario. 

The Canada Life Assurance Company

Acted for The Canada Life Assurance Company and its affiliates with the C$185.5-million financing of a portfolio of three hydroelectric generating facilities located in British Columbia and Quebec totalling approximately 107 MW owned by Innergex Renewable Energy Inc. The Gilles Lefrancois Project (24 MW) is located in Levis, Quebec and the Rutherford Creek (50 MW) and Miller Creek (33 MW) Projects are located near Squamish-Lillooet, British Columbia. The projects are fully-contracted with take-or-pay contracts with Hydro-Quebec and BC Hydro, respectively.

Syndicate of Lenders

Acted for a syndicate of lenders led by Bank of Montreal in connection with the refinancing of certain credit facilities made available to BluEarth Renewables.

Lithium Royalty Corporation

Acted as financing counsel to Lithium Royalty Corp. in establishing a US$25-million revolving credit facility with National Bank of Canada.

Manulife

Acted for Manulife Financial Corporation on the financing of battery energy storage systems to be installed at three existing solar power projects in southern Alberta (Concord’s Coaldale, Monarch and Vulcan properties).

Axium Infrastructure

Acted for Axium Infrastructure Inc. in connection with the acquisition from Copenhagen Infrastructure Partners of the Travers Solar Project located in Vulcan County, Alberta. Situated on approximately 3,330 acres of land, the project has a total nameplate capacity of 465 MW, making it the largest solar project in Canada at the time of closing.

The Manufacturers Life Insurance Company

Acted for The Manufacturers Life Insurance Company in its joint acquisition, together with Terramont Infrastructure Partners and Siemens Financial, of Switzer-CARTY Transportation, a leading student transportation company.

Hydrostor Inc.

Acted for Hydrostor Inc., a developer of Advanced Compressed Air Energy Storage (A-CAES) projects, in securing $10 million in growth capital financing from BDC Capital to advance four A-CAES projects in Canada, the United States and Australia.

The Manufacturers Life Insurance Company

Acted for The Manufacturers Life Insurance Company in the establishment of credit facilities to finance a portfolio of solar projects in Alberta.

The Manufacturers Life Insurance Company

Acted for The Manufacturers Life Insurance Company in the C$92.8 million non-recourse construction and term project financing for the Innavik Hydro Project, a 7.5 MW run-of-river hydroelectric facility being developed on the Innuksuac River in northern Québec by the first ever partnership between an Inuit corporation, which was formed under the James Bay and Northern Québec Agreement, and a leading independent power producer.

Axium Infrastructure Inc.

Acted for Axium Infrastructure Inc. in connection with its equity investment in a 900 MW combined cycle natural gas power plant to be built near Edson, Alberta, known as the Cascade Power Project. This project won Project Finance International's Canadian Power Deal of the Year award for 2020.

The Manufacturers Life Insurance Company

Acted for The Manufacturers Life Insurance Company in the financing of the Romney Wind Project, which involves more than 10,000 acres of privately-owned land in the Chatham-Kent area of Ontario.

Axium Infrastructure Inc.

Acted for Axium Infrastructure Inc. in its acquisition from Osaka Gas Co., Ltd. of a 50% interest in a portfolio of nine solar farms located in Ontario.

The Manufacturers Life Insurance Company

Acted for The Manufacturers Life Insurance Company in its acquisition of a 50% interest in the York Energy Centre, a 400 MW natural gas fired power plant near Newmarket, Ontario.

Axium Infrastructure Inc.

Acted for Axium Infrastructure Inc. in establishing a mezzanine credit facility in respect of Axium Solar's Elmsley and St. Isidore solar projects in Ontario.

Stonebridge Financial Corporation

Acted for Stonebridge Financial Corporation in the term financing of two 10 MW operating wind generation projects owned by Musselshell Wind Project LLC in Montana.

The Manufacturers Life Insurance Company

Acted for The Manufacturers Life Insurance Company, as (i) senior lender, in the incremental financing for Manulife's sale of Regional Power Inc., owner of the Bear Creek, Long Lake and White River hydroelectric projects; and (ii) project lender in connection with amendments to the existing project financing facilities.

Axium Infrastructure Inc. and The Manufacturers Life Insurance Company

Acted for Axium Infrastructure Inc. and The Manufacturers Life Insurance Company in a private placement in Canada and the United States of over $1 billion of fixed rate bonds in order to refinance bridge loans used to complete their recent acquisition of AltaGas Ltd.'s remaining 55% interest in three hydroelectric projects in northwest British Columbia.

Axium Infrastructure Inc.

Acted for Axium Infrastructure Inc. in its acquisition from Mitsubishi Corporation of a 50% interest in a portfolio of nine solar farms located in Ontario.

Axium Infrastructure Inc. and The Manufacturers Life Insurance Company

Acted for Axium Infrastructure Inc. and The Manufacturers Life Insurance Company in their joint $1.4-billion acquisition of AltaGas Ltd.'s remaining 55% interest in three hydroelectric projects in northwest British Columbia: the 195 MW Forrest Kerr Hydroelectric Facility, the 66 MW McLymont Creek Hydroelectric Facility and the 16 MW Volcano Creek Hydroelectric Facility.

Axium Infrastructure Inc. and The Manufacturers Life Insurance Company

Acted for (i) Axium Infrastructure Inc. and The Manufacturers Life Insurance Company in their joint $922-million acquisition from AltaGas Ltd. of a 35% interest in three hydroelectric projects in northwest British Columbia: the 195 MW Forrest Kerr Hydroelectric Facility, the 66 MW McLymont Creek Hydroelectric Facility and the 16 MW Volcano Creek Hydroelectric Facility; and (ii) Northwestern Hydro Acquisition Inc. (NWHA), the special purpose acquisition vehicle formed to complete the acquisition, in a subsequent $650 million senior secured bond financing and related letter of credit facility.

Axium Infrastructure Inc.

Acted for Axium Infrastructure Inc. in its $540-million acquisition of TransCanada's Ontario solar portfolio, consisting of eight facilities totalling approximately 105 MW of installed capacity.

PSP Investments

Acted for PSP Investments in its strategic initiatives with Pattern Energy Group Inc., including (i) the acquisition of a 9.9% interest in Pattern Energy; (ii) the joint venture between PSP and Pattern Energy to co-invest in various renewable projects; (iii) the joint acquisition with Pattern Energy of a 51% and 49% interest, respectively, in the 179 MW Meikle wind project in British Columbia and the 143 MW Mont Sainte-Marguerite wind project in Québec; and (iv) the acquisition of 49% of the Class B interests held by Pattern in the Panhandle 2 wind project in Texas.

Manulife Financial Corporation

Acted for the Manufacturers Life Insurance Company in the establishment of credit facilities to finance the long-term operation of 10 ground-mount solar projects located near Temiskaming, West Nipissing and Kingston, Ontario, each of which had been awarded a 20-year power purchase contract under Ontario's Feed-in Tariff Program.

Independent Electricity System Operator

Acted for the Independent Electricity System Operator in connection with its amended agreement with Bruce Power for the refurbishment of six nuclear units at the Tiverton-based nuclear generation station, the world's largest operating nuclear facility. The amended agreement secures 6,300 megawatts of baseload generating capacity for the province of Ontario and will result in an investment by Bruce Power of approximately $13 billion.

Manulife Financial Corporation

Acted for the Manufacturers Life Insurance Company in connection with the establishment of credit facilities to finance the construction and long-term operations of the Aria Solar Project, a 9-MW ground-mount solar project located in Springwater, Ontario, which had been awarded a 20-year power purchase contract under Ontario's Feed-in Tariff Program.

Manulife Financial Corporation

Acted for The Manufacturers Life Insurance Company in the financing of a $42.5-million equity investment in the Suncor Energy Adelaide Wind Power Project in Ontario.

Manulife Financial Corporation

Acted for the Manufacturers Life Insurance Company and Caisse de dépôt et placement du Québec in the$197.2-million project financing of the 40.6-MW Big Silver Creek hydroelectric facility in British Columbia.

Stonebridge Financial Corporation

Acted for Stonebridge Financial Corporation in connection with the establishment of a credit facility for Affinity Wind LP to finance the construction and long-term operation of a 13.2-MW wind farm to be located near Truro, Nova Scotia.

Manulife Financial Corporation

Acted for a group of lenders, comprising the Manufacturers Life Insurance Company, the Caisse de Dépôt et placement du Québec and the Canada Life Assurance Company, in connection with the $491.6-million non-recourse construction and term project financing for the Upper Lillooet River and Boulder Creek run-of-river hydroelectric projects owned by Innergex Renewable Energy Inc. and Ledcor Power Group Ltd.

Stonebridge Financial Corporation and Siemens Financial Ltd.

Acted for Stonebridge Financial Corporation and Siemens Financial Ltd. in connection with the financing of an equity investment in two wind projects near Sault Ste. Marie, Ontario.

Manulife Financial Corporation

Acted for The Manufacturers Life Insurance Company in connection with the establishment of credit facilities to finance the construction and long-term operations of the RayLight Solar Project, a 10 MW ground-mount solar project located in Wyebridge, Ontario, which had been awarded a 20-year power purchase contract under Ontario's Feed-in Tariff Program.

Manulife Financial Corporation and Sun Life Assurance Company of Canada

Acted for The Manufacturers Life Insurance Company and Sun Life Assurance Company of Canada in connection with the establishment of credit facilities to finance the construction and long-term operation of a 25-MW ground-mount solar project located near Fort Frances, Ontario. The project sponsor is a joint venture between the Rainy River First Nations and certain institutional and other investors. The project had been awarded a 20-year power purchase contract under Ontario's Feed-in Tariff Program, which included an aboriginal price adder as a result of the participation by the Rainy River First Nations.

Plenary Justice Okanagan Limited Partnership

Acted for Plenary Justice Okanagan Limited Partnership, which was awarded the $192.9-million contract by The Ministry of Justice, The B.C. Corrections Branch and the British Columbia Ministry of Technology, Innovation and Citizens' Services to design, build, finance and maintain the 378-cell, high security facility, Okanagan Correctional Centre, located near Oliver, British Columbia.

Manulife Financial Corporation

Acted for The Manufacturers Life Insurance Company in connection with the establishment of credit facilities to finance the construction and long-term operations of the Mighty Solar Project, a 10 MW ground-mount solar project located in Chesterville, Ontario, which had been awarded a 20-year power purchase contract under Ontario's Feed-in Tariff Program.

Manulife Financial Corporation

Acted for The Manufacturers Life Insurance Company in connection with the establishment of credit facilities to finance the construction and long-term operations of the Val Caron Solar Project, a 10 MW ground-mount solar project near the City of Greater Sudbury, Ontario, which had been awarded a 20-year power purchase contract under Ontario's Feed-in Tariff Program.

Manulife Financial Corporation

Acted for Manulife Financial Corporation in connection with the establishment of credit facilities to finance the long-term operations by SunE Ray LP of a 10 MW ground-mount solar project and SunE Newboro 4 LP of a 10 MW ground-mount solar project near Kingston, Ontario, each of which had been awarded a 20-year power purchase contracts under Ontario's Feed-in Tariff Program.

Manulife Financial Corporation and Sun Life Assurance Company of Canada

Acted for a group of lenders, comprising The Manufacturers Life Insurance Company and Sun Life Assurance Company of Canada, in connection with the $135.2 million non-recourse construction and term project finance for the 60 MW nameplate capacity wind generation project located on McLean's Mountain, Manitoulin Island, Ontario.

Manulife Financial Corporation

Acted for The Manufacturers Life Insurance Company in connection with a $125.8 million project financing of the construction of the 18.9-MW hydroelectric generating facilities located near White River, Ontario.

Canadian Imperial Bank of Commerce and The Bank of Nova Scotia

Acted for Canadian Imperial Bank of Commerce, The Bank of Nova Scotia and a syndicate of lenders in connection with a US$100-million senior secured credit facility made available to Hudbay Minerals Inc. and Hudson Bay Mining and Smelting Co., Limited.

Hydroméga Services Inc.

Acted for Hydroméga Services Inc., as sponsor in partnership with the Dokis First Nation, and Okikendawt Hydro L.P., as borrower, in connection with the project financing of a 10-MW hydroelectric generating facility on the French River in the district of Parry Sound, Ontario.

Plenary Properties DES LP

Acted for Plenary Properties DES LP which was awarded a 10-year contract to provide Driver Examination Services for the Ontario Ministry of Transportation.

Stonebridge Financial Corporation and Stonebridge Infrastructure Debt Fund Limited Partnership

Acted for Stonebridge Financial Corporation, Stonebridge Infrastructure Debt Fund Limited Partnership and other lenders in connection with a multi-tranche term credit facility in favour of Firelight Solar L.P. to finance a portfolio of approximately 65 photovoltaic rooftop solar projects.

Stonebridge Financial Corporation

Acted for Stonebridge Financial Corporation in connection with project financing for the Alderville Solar Project in Central Ontario.

Deutsche Bank AG and Manulife Financial Corporation

Acted for Deutsche Bank AG and Manulife Financial Corporation in connection with the establishment of credit facilities to finance the construction and long-term operation by SunE Odessa LP of a 10 MW ground-mount solar project near Kingston, Ontario, which had been awarded a 20-year power purchase contract under Ontario's Feed-in-Tariff Program.

Bank of Montreal

Acted for Bank of Montreal in connection with a senior credit facility made available to Galway Resources Ltd., a mining company which is primarily focused on the exploration of gold in Colombia.

Manulife Financial Corporation, The Canada Life Assurance Company and The Great-West Life Assurance

Acted for a group of lenders, comprising The Manufacturers Life Insurance Company, The Canada Life Assurance Company and The Great-West Life Assurance Company, in connection with the $168.5-million non-recourse construction and term project financing for the 49.9 MW Kwoiek Creek run-of-river hydroelectric project located in British Columbia.

Stonebridge Financial Corporation

Acted for Stonebridge Financial Corporation and a syndicate of lenders in connection with project financing for the Gesner Wind Farm project in Southwestern Ontario.

Manulife Financial Corporation

Acted for The Manufacturers Life Insurance Company in connection with the project financing of $167 million credit facilities intended to finance the construction of a 31MW hydroelectric project to be located on Cascade Creek north of Stewart, British Columbia.

Enerflex Ltd.

Acted for Enerflex Ltd. in establishing $465.5 million of financing comprised of a revolving credit facility and multiple bi-lateral letter of credit facilities with a syndicate of banks and the issuance of an aggregate of $90.5 million of unsecured notes in a private placement to institutional investors.

Canadian Imperial Bank of Commerce (CIBC)

Acted for a syndicate of lenders led by Canadian Imperial Bank of Commerce in connection with a US$50-million revolving credit facility of Aurizon Mines Ltd.

Bank of Montréal and Canadian Imperial Bank of Commerce

Acted for Bank of Montréal and Canadian Imperial Bank of Commerce and a syndicate of lenders in connection with a US$250-million credit facility in favour of Consolidated Thompson Iron Mines Limited and The Bloom Lake Iron Ore Mine Limited Partnership.

African Barrick Gold plc

Acted for African Barrick Gold Plc in connection with its US$150-million revolving credit facility with a syndicate of lenders led by Citibank N.A.

Canadian Imperial Bank of Commerce and Scotia Capital

Acted for Canadian Imperial Bank of Commerce, Scotia Capital and a syndicate of lenders in connection with a US$300-million credit facility in favour of HudBay Minerals Inc. and Hudson Bay Mining and Smelting Co., Limited.

IESO Releases Contract Review Directive Report

Sept. 03, 2020 - Last fall Ontario’s Ministry of Energy, Northern Development and Mines directed the Independent Electricity System Operator (IESO) to retain an independent third party to undertake a targeted review of existing generation contracts in the province (see our November 8, 2019 bulletin). The stated...

Ontario to Review Existing Generation Contracts

Nov. 08, 2019 - The Ontario government recently issued an Order in Council approving the issuance of a directive to the Independent Electricity System Operator (IESO) with a view to “identifying viable opportunities to lower electricity prices for Ontario consumers while maintaining system reliability. ” The...

The Banking Regulation Review, 7th ed.: Canada Chapter

May 01, 2016 - Containing submissions from authors in 40 countries and territories, The Banking Regulation Review is a comprehensive guide to regulatory banking law around the world. A team of Davies lawyers has contributed the Canada chapter, which provides a thorough overview of the country’s banking...

The Banking Regulation Review, 6th ed.: Canada Chapter

June 08, 2015 - Containing submissions from authors in 48 countries and territories, The Banking Regulation Review is a comprehensive guide to regulatory banking law around the world. A team of Davies lawyers has contributed the Canada chapter, which provides a thorough overview of the country’s banking...