St. Clair Holding, ULC: Rating Report

On November 21, 2017, DBRS Limited (DBRS) confirmed its rating of BBB with a Stable trend on the 4.881% Senior Secured Notes (the Notes) issued by St. Clair Holding, ULC (ProjectCo or the Issuer). The $171.8 million of Notes issued fully amortize and mature on August 31, 2031 (current outstanding balance of $130.7 million). ProjectCo indirectly owns Moore Solar LP (Moore) and Sombra Solar LP (Sombra), two separate solar power sites located in St. Clair, Ontario (together, the Project), each with a nameplate generation capacity of 20 megawatts (MW).