Harneys assists Polaris Renewable Energy with US$225 million bond transaction
The bonds will have a tenor of five years and a fixed coupon rate of 9.5 per cent per annum, with interest payable in semi-annual instalments. The green bonds will include a tap feature, allowing access to an additional US$50 million in funding for potential future uses.
The proceeds from the bond issuance will be allocated to refinance certain existing debt facilities, acquire the Punta Lima wind farm in Puerto Rico, and support further investments in renewable energy assets.
Polaris Renewable Energy Inc. is a Canadian publicly traded company focussed on acquiring, developing, and operating renewable energy projects in Latin America and the Caribbean.
The Harneys team was led by Partner George Weston, with support from Associate Rhonda Brown.
George said: “We are delighted to have supported Polaris Renewable Energy Inc. on this significant bond issuance, which underscores our strength in advising on complex cross-border financing transactions. The renewable energy sector continues to be a key focus for us, and we are proud to assist clients in structuring sustainable investments that drive growth across Latin America and the Caribbean. We are seeing a growing trend of listed companies turning to the debt capital markets for financing, as equity valuations remain relatively low.”
Harneys has a long-standing relationship with Polaris, having advised them on the original acquisition of the Union Energy Group in 2018.
Harneys has extensive experience in both the wider energy sector and specifically in the renewable energy sector and has worked on several ESG initiatives where clients explored socially conscious and environmentally sustainable projects using offshore companies. The firm’s global team of lawyers advise on a variety of renewable energy financing and acquisition projects, including joint ventures, M&A transactions, and debt and equity capital raises.
