BNY Mellon chosen by Canadian Solar
24 March 2015 New York
Image: Shutterstock
BNY Mellon, through its subsidiary BNY Trust Company of Canada, has been appointed depositary and collateral agent by Canadian Solar, a manufacturer of solar panels and a provider of solar energy solutions, for four power plants in Ontario, Canada.
These power plants include BeamLight in Georgina, GoldLight in Pefferlaw, Illumination in Scugog, and Glenarm in Kawartha Lakes.
Once completed, these projects will sell electricity to the Ontario Power Authority pursuant to a 20-year feed-in-tariff contract.
As the depositary and collateral agent for Canadian Solar, BNY Mellon will be responsible for processing authorised payments to Canadian Solar vendors during the construction and operation phases of the power plants and for holding the collateral on behalf of lenders.
"We continue to grow our depositary and collateral operations, which we see as a natural extension of our traditional business of acting as a trustee or in an agency capacity for bond issuers and lenders," said Dan Gosselin, president and CEO of BNY Trust Company of Canada.
"Through our experience in administering a wide range of project finance transactions, we are well-equipped to offer superior support and tailored service solutions to renewables market participants."
Part of BNY Mellon's Corporate Trust business, BNY Trust Company of Canada provides global trust and agency services to Canadian issuers interested in tapping the global capital markets, as well as any issuer looking to issue in the Canadian domestic capital markets.
As of 31 December 2014, BNY Mellon's Corporate Trust business served as trustee and/or paying agent on more than 61,000 debt-related issues globally.
Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets.
These power plants include BeamLight in Georgina, GoldLight in Pefferlaw, Illumination in Scugog, and Glenarm in Kawartha Lakes.
Once completed, these projects will sell electricity to the Ontario Power Authority pursuant to a 20-year feed-in-tariff contract.
As the depositary and collateral agent for Canadian Solar, BNY Mellon will be responsible for processing authorised payments to Canadian Solar vendors during the construction and operation phases of the power plants and for holding the collateral on behalf of lenders.
"We continue to grow our depositary and collateral operations, which we see as a natural extension of our traditional business of acting as a trustee or in an agency capacity for bond issuers and lenders," said Dan Gosselin, president and CEO of BNY Trust Company of Canada.
"Through our experience in administering a wide range of project finance transactions, we are well-equipped to offer superior support and tailored service solutions to renewables market participants."
Part of BNY Mellon's Corporate Trust business, BNY Trust Company of Canada provides global trust and agency services to Canadian issuers interested in tapping the global capital markets, as well as any issuer looking to issue in the Canadian domestic capital markets.
As of 31 December 2014, BNY Mellon's Corporate Trust business served as trustee and/or paying agent on more than 61,000 debt-related issues globally.
Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets.
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