Vancity Community Investment Bank Commits $32.5 Million Refinancing for Niagara Region Wind Farm

On November 17, 2021, Vancity Community Investment Bank (“VCIB”) reached financial close on a $32.5 million refinancing to Six Nations of the Grand River Development Corporation (“SNGRDC”), a first nation located in Ontario, as part of the refinancing for the 230 MW Niagara Region Wind Farm. The 77-turbine wind farm was developed by Boralex and Six Nations and is the second largest in Ontario by installed capacity.

The loan is backed by a $23 million guarantee by the Province of Ontario through its Aboriginal Loan Guarantee Program, which enabled Vancity to provide a larger loan on advantageous terms, positioning Six Nations to direct more funds back to the indigenous community.

SNGRDC manages the Six Nations’ economic interests in 20 renewable energy projects and numerous economic development opportunities in and around the Six Nations territory.

VCIB is an Ontario-based schedule 1 federally chartered bank and a subsidiary of Vancity Credit Union. A certified B Corporation, member of the Global Alliance for Banking on Values, it offers specialized financing solutions for social purpose real estate and clean energy projects.

The multidisciplinary team was led by Ahsan Mirza working alongside Julie Han, Alex Ricchetti, Christina Kim and Michael Friedman advised VBIC as lender on all aspects of the complex project financing. McMillan lawyers oversaw the structuring, development and negotiation of the term sheet, commitment letter, credit agreement, security documents and all ancillary documents. In addition, our team was heavily engaged in negotiation of the guarantee documentation with the Province of Ontario.

McMillan’s Project Finance & P3 industry group is made up of lawyers with deep experience in the structuring and execution of major infrastructure projects. We are known for having a collaborative, problem solving approach to closing projects and meeting the requirements and financial objectives of both procurement authorities and private partners. We provide a complete range of services related to infrastructure, including assistance with procurement, construction, financing, environmental review, community consultation, tax and regulatory issues. We have been involved in transactions of all types of public infrastructure arrangements including privatizations, outsourcing arrangements, public-private partnerships, concessions, leases and alternative financing structures. Having acted for parties on all sides: lenders, equity providers, developers, primary subcontractors and public authorities, we are uniquely positioned to advise and represent all relevant stakeholders.