A subsidiary of BluEarth Renewables Inc. acquired the SparkleLight solar power project, a 10-megawatt AC solar power plant located in Beaverton, Ontario, valued at approximately $66 million, from Canadian Solar Solutions Inc., a wholly owned subsidiary of Canadian Solar Inc.
This acquisition is the third of four planned solar projects being acquired by BluEarth Renewables Inc. from Canadian Solar Inc. Project financing for the development, construction, operation and ownership of the SparkleLight solar power project was provided by National Bank of Canada.
For the acquisition, BluEarth Renewables was represented by Blake, Cassels & Graydon LLP with a team consisting of Scott Clarke, Mark Johnson and Britt Tan (corporate and M&A); and Nick Tropak and Cameron Siempelkamp (financial services).
For the project financing, BluEarth Renewables was represented by McCarthy Tétrault LLP with a team consisting of Stephen Furlan, Ian Mak and Christopher Perez (financial services).
Canadian Solar was represented by Fogler, Rubinoff LLP with a team consisting of Michael Slan and Brian Gosse (corporate and M&A), Karen Rosen (financial services), Daliah Szechtman (real estate) and Yadira Flores (environmental and regulatory).
National Bank was represented by Dentons Canada LLP with a team including Joe Palin and Audrey Bouffard-Nesbitt (project finance), Helen Newland (regulatory), Vivek Bakshi and Julie Bedford (corporate and commercial), and Paul Shantz and Matthew Dunnet (real estate).