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RE Royalties Acquire Royalties on 49 Solar Projects In Ontario
VANCOUVER, BC / ACCESSWIRE / May 16, 2019 / RE Royalties Ltd. (TSX-V: RE) ("RE Royalties" or...
About this update from Re Royalties Ltd.
[{"type":"text","content":"RE Royalties Acquire Royalties on 49 Solar Projects In OntarioVANCOUVER, BC / ACCESSWIRE / May 16, 2019 / RE Royalties Ltd. (TSX-V: RE) (\"RE Royalties\" or the \"Company\") is pleased to announce that it has entered into a loan and royalty transaction with a private group of companies in Ontario (\"OntarioCo\") on 49 roof-top solar projects (\"Solar Project Portfolio\"). The Company will be providing OntarioCo with a $5 million interest-bearing loan for one-year (\"Loan\"), in exchange for a gross revenue royalty (\"Royalties\") on the Solar Project Portfolio. The Solar Project Portfolio has a combined generation capacity of 15.7 MW and has been in operation for between three to four years, and all are qualified under the Ontario Feed-in-Tariff program. OntarioCo will be utilizing the proceeds of the Loan to complete construction on a separate portfolio of solar projects in Canada.The Solar Project Portfolio generates approximately 17.5 million kilowatt hours of clean energy per year; capable of removing 874 tonnes of carbon(1) from the electricity grid or providing clean electricity to 1,943 homes in Ontario annually(2). Bernard Tan, CEO of the Company, commented, \"We are pleased to acquire project royalties on this portfolio of 49 separate solar projects located in Ontario. The Province of Ontario is a leader in solar, with 98% of solar projects built and operating in Canada currently located there. We are excited to provide our client with the necessary capital to increase the size of their operating portfolio and to help Ontario residents reduce their carbon emissions. This transaction demonstrates the strength of the royalty financing model in creating a win-win solution for our clients, shareholders and the environment.\"On Behalf of the Board of Directors,Bernard TanCEONeither the TSX Venture Exchange nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.(1) https://www.carbonzero.ca, Government of Canada 2017 National Inventory Report: Greenhouse Gas Sources and Sinks(2) Ontario Energy Board, EB-2016-0153About RE Royalties Ltd.RE Royalties acquires revenue-based royalties from renewable energy generation facilities by providing a non-dilutive royalty financing solution to privately-held and publicly-t...