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Project Financing for Renewable Energy Power Generation Project in Canada
Supporting Participation of Japanese Companies in Renewable Energy Power Generation by Providing Local Currency Loan

  • Region: North America
  • Infrastructures
  • Environment
  • Overseas Investment Loans
  • Project Finance
NR/2012-106
December 17, 2012
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed on December 14 (U.S. EST), a loan agreement totaling up to 477 million Canadian dollars (JBIC portion) with C2C Power Financing 3 LP (C2C), a Canadian subsidiary of Mitsui & Co., Ltd. (Mitsui), for renewable energy power generation projects in Canada. The loan, provided in project finance,*1 is cofinanced with private financial institutions, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Corporate Bank and Sumitomo Mitsui Banking Corporation, and the overall cofinancing amounts to 795 million Canadian dollars.
     
  2. In the projects, C2C, co-invested in by Mitsui, GDF SUEZ S.A., a French multinational energy company, and a consortium led by Fiera Axium Infrastructure, a Canadian infrastructure fund, will build and operate three wind power stations (combined capacity: 248MW) and two solar power stations (combined capacity: 20MW) in Ontario and British Columbia, Canada, with the electricity generated to be sold under various 20–year contracts. As this project is a long-term investment and with revenues received in a local currency, JBIC helps to minimize the currency risk of the project owners by financing in Canadian dollars, and thus supports long-term overseas projects by Japanese companies. 
     
  3. Since a Japanese company is playing a pivotal role in the project as a significant owner and participant in the long-term operation and maintenance of these assets, JBIC supports this project as part of its efforts under the Enhanced Facility for Global Cooperation in Low Carbon Infrastructure and Equity Investment (E-FACE),*2 aligned with the overseas integrated infrastructure system deployment being promoted by the Japanese government.
     
  4. JBIC will continue to support the overseas business deployment of Japanese companies by drawing on its various financial facilities and schemes for structuring projects, and by performing its risk-assuming function.
Note
  1. *1 Project finance is a financial scheme in which a loan is collateralized against the project's future cash flow.
  2. *2 See Press Release on April 1, 2011

 

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