Date Closed: 10/8/2014

Value: C$232 million

On October 8, 2014, Northland Power Solar Finance L.P. (the Issuer) issued $232 million principal amount of 4.397% Senior Secured Amortizing Bonds, Series A due June 30, 2032 (the Bonds) on a private placement basis. The Bonds are backed by six Ground-Mounted Solar Phase I projects, each a wholly-owned subsidiary of Northland Power Inc. (Northland). The six Ground-Mounted Solar Phase I projects each own and operate a 10MW ground-mounted solar facility. The facilities sell all electricity to the Ontario electricity grid under 20-year Feed-in Tariff Contracts with the Ontario Power Authority. The Bonds were rated "BBB (high)" by DBRS Limited.

Scotia Capital Inc. and CIBC World Markets Inc. were co-lead agents for the offering and BMO Nesbitt Burns Inc., National Bank Financial Inc. and Casgrain & Company Limited were also in the syndicate. The proceeds of the Bonds were transferred by the Issuer via intercompany loans to the Ground-Mounted Solar Phase I projects to repay existing bank debt, settle associated interest rate swaps, and pay transaction costs with the remainder distributed to Northland for general corporate purposes.

BLG represented the Issuer and Northland with a team consisting of Linda Bertoldi, Bruce Fowler, Paul Mingay, Stephen Redican, Daniel Lang, Habeeb Syed, Tiffany Murray, Linda Tu and Andrew Hodhod.