Transactions
Selkirk arranges project financing for 4 MW energy storage project in Ontario
Selkirk Advisory Group Inc. (“Selkirk”) is pleased to announce closing of project financing for two operating battery energy storage projects totalling 4 MW (16 MWh) located in Newmarket, Ontario (the “Projects”) and owned by Ameresco Newmarket Energy Storage Inc., a subsidiary of Ameresco, Inc. (“Ameresco”). Each Project provides capacity and other services to the Ontario Independent Electricity System Operator (“IESO”) pursuant to separate 10-year Energy Storage Facility Agreements awarded to Ameresco in 2015 as part of Phase II of IESO’s pilot energy storage procurement program. The Projects are interconnected via Newmarket-Tay Power Distribution Ltd.’s local distribution system and are operated/maintained under contract with Ameresco Canada Inc.
Selkirk acted as arranger for the lender and is also administrative and collateral agent for the transaction, which is one of only a small handful of energy storage project financings to date in Canada.
“Ameresco is pleased to be expanding our relationship with Selkirk,” said Doran Hole, chief financial officer of Ameresco. “This financing is especially important for our team as it supports the first stand-alone battery energy storage system in Ameresco’s energy asset portfolio and is representative of the growth in our advanced technology offerings.”
“We are delighted to have closed another successful transaction with Ameresco and to be playing a role in the continuing development of the energy storage market in Canada, with one of the first traditional project financings for energy storage in the country. As always, the Ameresco team, in both Canada and the US, was a pleasure to work with and we appreciate their faith in Selkirk.” – Daniel Doubilet, Managing Director of Selkirk Advisory Group.
