On July 5, 2019, Chaudière Financial L.P. (the “Issuer”) issued $290,541,000 principal amount of 3.525% Senior Secured Amortizing Green Bonds, Series 2019-1 due December 31, 2059 (the “Bonds”) on a private placement basis. The bonds are backed by two hydroelectric generation facilities (the “Hydroelectric Projects”), each owned by an indirect wholly-owned subsidiary of Hydro Ottawa Holding Inc. (“Hydro Ottawa”). The Hydroelectric Projects consist of a 12MW hydroelectric generation facility and a 27MW hydroelectric generation facility each currently undergoing refurbishment, and each located on the Ottawa River. Following refurbishment, the projects will sell all output to the Ontario electricity grid pursuant to contracts with the Independent Electricity System Operator.
Scotia Capital Inc., BMO Nesbitt Burns Inc. and National Bank Financial Inc. were agents.
The issuer and Hydro Ottawa were represented by an in-house team consisting of Shaun Logue, General Counsel, Fabian Barragan, Matthew Carey and Shaefann Sieuraj and Borden Ladner Gervais LLP as external counsel, with a team consisting of Sylvie Bouvette, Bruce Fowler, Stephen Fyfe, Paul A.D. Mingay, Vincent Frenette, Richard Manias, Rachael Belanger, Rocky Swanson, Michael Cremers and Judith Manger.
Torys LLP represented the agents with a team consisting of Rose Bailey, Yinka Olusoga, Milosz Zemanek and Diana Pegoraro. Robert Abrams advised Torys on Québec immovable property matters.