[Guelph, Ontario – July 25, 2023]
Skyline Clean Energy Limited Partnership (Skyline Clean Energy Fund), a Guelph, Ontario-based equity growth fund investing in clean energy assets, announced the closing of its inaugural $52MM bond financing on a sizable solar asset portfolio through a private placement of senior secured notes.
The financing was facilitated by Scotia Capital Inc. and involved a portfolio of 48 rooftop and ground-mounted solar assets in Southern Ontario with a total size of 21.48 MW/DC. 1
Each asset is backed by a long-term, fixed-price FIT (Feed-In Tariff) contract with the Ontario government. The average remaining term on the portfolio of contracts is 12.2 years. 2
“We are pleased to announce the closing on the issuance of Skyline Clean Energy Limited Partnership bonds,” said Rob Stein, President, Skyline Clean Energy Fund.
“This transaction is a significant one for the Fund and we are proud to have realized a more favourable solution than was initially expected. We worked hand in hand with Scotia’s debt capital markets team to provide a well packaged, renewable energy investment opportunity to a market that is low in supply, which resulted in competitive bids and a successful outcome for the Fund.”
Stein remarked that the financing not only allowed the Fund to repay some higher interest rate debt but will also provide additional funding for the Fund’s growth plans through the remainder of 2023.
“Congratulations to Skyline Clean Energy Fund on this transaction, which can be regarded as a notable step in the Fund’s growth,” said Wayne Byrd, CFO, Skyline Group of Companies (of which Skyline Clean Energy Fund is a part).
“This financing will allow the Fund to continue to strive toward its main objectives: one, providing maximum value to unitholders through investment in clean energy technology and infrastructure; and two, helping Canada accelerate its transition to clean energy.”
Skyline Clean Energy Fund plans to explore additional financing opportunities in the Canadian biogas space (in addition to solar assets, the Fund holds two biogas facilities in Elmira, Ontario, and Lethbridge, Alberta).
“These opportunities will continue to drive down the Fund’s cost of capital and deliver exceptional value to Skyline Clean Energy Fund’s unitholders,” said Stein.
Skyline Clean Energy Fund is currently open for investment. Visit SkylineWealth.ca to learn more about Skyline Clean Energy Fund and contact an Advisor.
Skyline Clean Energy Fund is also available on Fundserv (SKY2018).
1MW/DC: Megawatt of direct current energy; a unit measurement of the output of power.
2As at July 1, 2023.
Skyline Clean Energy Fund (“SCEF”) is a privately owned and managed portfolio of medium to large scale clean energy assets, focused on acquiring income-producing assets across Canada, under long-term government contracts.
SCEF is distributed as an alternative investment product through Skyline Wealth Management Inc. (“Skyline Wealth Management”), the preferred Exempt Market Dealer for SCEF. It is also available on Fundserv (Code: SKY2018).
SCEF is committed to surfacing value to its investors through asset monitoring and optimization, while providing a sustainable investment product based in clean, renewable energy.
To learn more about SCEF and its asset manager, Skyline Energy, please visit SkylineEnergy.ca.
To learn about additional alternative investment products offered through Skyline Wealth Management, please visit SkylineWealth.ca.
Skyline Clean Energy Fund is operated and managed by Skyline Group of Companies.