In Canada, Conifex Power Limited Partnership reports it has closed its secured project financing its planned 36MW bioenergy power project in Mackenzie, British Columbia with a syndicate of four institutional lenders led by a Canadian chartered bank.
The financing is for an aggregate of up to $102.7 million and includes a development and construction loan for the project of up to $82 million, which will mature approximately 12 months from the closing date and convert into an amortized term loan having a term of 5 years once the conditions to conversion are satisfied. The balance of the financing is in the form of a letter of credit facility primarily to secure certain obligations of Conifex Power under its existing load displacement agreement and a $1.75 million revolving operating facility.
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