Universal Kraft Canada Renewables, a joint venture between Korkia and Universal Kraft, has secured an initial USD $15m credit facility from US-based lender Crayhill Capital Management.
The facility, which can be expanded to up to $50m, will fund the development of 1,700 MW of solar projects in Alberta, Canada.
The funds will cover Universal Kraft Canada Renewables’ Generator Unit Owner Contribution (GUOC) requirements. In Alberta’s electricity market, the GUOC is a refundable payment to the Alberta Electric System Operator (AESO) from owners of generating units or aggregated generation facilities.
The GUOC encourages power generation near existing transmission infrastructure and is refunded over time based on the generator’s size, location, and performance.
Daniela Louback, head of Canadian business development at Universal Kraft, said: “The successful closing of this transaction validates the quality of our development work and portfolio, ensuring interconnection for our advanced projects.
“This achievement supports our portfolio’s growth and strategically positions us to meet the anticipated rise in renewable energy demand once we get past the market reforms.”
Kristina Sweet, Korkia’s Canadian country manager, added: “This strategic move underscores the company’s deep capabilities to bring meaningful and innovative solutions to market amidst a backdrop of significant reforms.
“With Crayhill’s support, we are well-positioned to accelerate the development of our projects, further cementing our contribution to Alberta’s renewable energy market.”
