DBRS Comments on Northland Power Solar Finance One L.P.’s Debt Upsizing

DBRS Limited (DBRS) commented on Northland Power Solar Finance One L.P.’s re-opening and upsizing of its Senior Secured Amortizing Bonds, Series A by $15 million for an outstanding balance of approximately $214 million. For the remaining debt term, the pro forma P90 debt service coverage ratios of 1.50 times (x) to 1.53x will remain consistent with the A (low) rating level. All other terms will remain unchanged, except for a revised amortization schedule. Following the debt upsizing, DBRS does not expect any change to the A (low) rating with a Stable trend.

Notes:
All figures are in Canadian dollars unless otherwise noted.

PXX means exceedance probabilities. P50, P90 and P99 values describe estimated minimum electricity generation with a probability of 50%, 90% or 99%, respectively, in any given year (P50, one-year P90 and one-year P99). Unless otherwise specified, all PXX values in the press release are in reference to one-year PXX values adjusted by DBRS, which considers availability and degradation factors.

The principal methodology is Rating Solar Power Projects, which can be found on dbrs.com under Methodologies.

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