Corporate
Selkirk arranges project financing for 19.8 MW merchant solar project in Alberta
Selkirk Advisory Group Inc. (“Selkirk”) is pleased to announce closing of an approximately $21 million non-recourse project financing for the 19.8 MW Duchess Solar project located in Alberta (the “Project”). The Project was developed and is owned through a partnership between Cold Lake First Nations and Elemental Energy (“Elemental”). The Project is merchant and will sell all electricity produced into the Alberta power pool. The financing is a long-term construction-to-term facility maturing in March 2049. Selkirk acted as arranger for the lender and is also administrative agent for the transaction.
“Cold Lake First Nations is honored to be in a position to partner with Elemental Energy on the Duchess Solar project” said Kelsey Jacko, Chief of Cold Lake First Nations. “We would like to extend our gratitude to the Selkirk team and the financial partners on the project for the financial arrangement, as well as their dedication and experience to make it possible for an Indigenous Nation to have a meaningful stake in a major clean energy project.”
“Elemental is excited to close this financing and start construction on the Duchess Solar project” said Jamie Houssian, Principal of Elemental. “We are appreciative of the considerable efforts by the Selkirk team to help facilitate this multi-faceted financing.”
“It was a pleasure working with the Cold Lake and Elemental teams on this innovative transaction” said Dan Doubilet, Managing Partner of Selkirk. “Selkirk is grateful to have had the opportunity to arrange the financing for this impactful project and looks forward to continuing to support the partners through construction and into operation.”
