Financing ·
PowerBank completes CA$25.4M refinancing to reduce project debt by 14%
PBKPOWERBANK Corp
PowerBank completed a CA$25.4 million project-level refinancing that reduces outstanding loan principal by approximately CA$4.2 million, or 14%. The transaction consolidates 50 credit agreements across three lenders into a single facility with a major Canadian bank, covering 53 operating solar projects held in 14 project companies. The new facility replaces approximately CA$29.6 million in outstanding principal and borrowings remain at the subsidiary level. PowerBank expects the deal to release approximately CA$5.0 million in net cash after closing contributions and costs, while lowering scheduled quarterly debt payments, banking fees, and administrative expenses. Additionally, the company will bring operations and maintenance responsibilities for 49 projects in-house to reduce operating costs and improve control. PowerBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA.