Dufferin Wind Power Inc.: Rating Report
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Summary
On September 25, 2020, DBRS Limited (DBRS Morningstar) confirmed Dufferin Wind Power Inc.’s (the Issuer) Issuer Rating and the rating on the 4.317% Series 1 Senior Secured Bonds due November 30, 2033 (the Bonds) at BBB (high) with Stable trends. The Issuer is a special-purpose entity created to acquire, develop, own, and operate the 91.4-megawatt Dufferin Wind project (the Project), located in Dufferin County, Ontario. The Issuer is indirectly and wholly owned by the Project Sponsor, China Longyuan Power Group Corporation Limited. All energy is sold directly into the Independent Electricity System Operator transmission grid under a Feed-In-Tariff Contract that expires on November 30, 2034, which is 12 months after the scheduled full repayment of the Bonds. The $200 million Bonds were issued on October 22, 2015; approximately $161.5 million is currently outstanding.