Grasshopper Solar takes leap forward in expansion projects
Deutsche Bank recently assisted Grasshopper in their growth plans to support energy solutions for residential homeowners and corporations
Grasshopper Solar is Canada’s largest fully-integrated solar energy company, focused on the acquisition, development, engineering, procurement and construction (EPC) and long-term ownership of solar projects. From small residential homeowners to large corporations, Grasshopper Solar has provided consumers a wide array of energy solutions.
Founded in 2007, Grasshopper Solar currently has CAD $700 million in assets under operation and various stages of development in Canada, the US and Japan.
The International Energy Agency forecasts that by 2050, solar power could account for 27% of the world’s electricity mix. It is the most deployable and fastest growing source of energy in the world ahead of nuclear, fossil fuels, hydro and wind. The solar electricity sector continues to grow with Canada ranked as one of the top 20 markets in the world. Poised for growth, Grasshopper Solar sought to further expand its operations through a CAD $270 million senior debt facility. With this investment, Grasshopper planned to explore new opportunities and expand its asset base.*
Deutsche Bank successfully completed the CAD $270 million senior debt facility. The bank held various roles within the deal, including lead arranger and lender, administrative agent and collateral agent. By acting as a both lender and agent, Deutsche Bank was in a strategic position to streamline both the financing and administration of this deal. The collaboration between the Transportation, Infrastructure and Energy team and the Project Finance Agency team ensured that all deal requirements were executed seamlessly.
“We are pleased to have partnered with Deutsche Bank. This is a big win for the renewable energy sector, and this transaction demonstrates our combined ongoing commitment to the proliferation of solar and reduction in carbon footprint. With this investment, we will continue to explore new opportunities and expand our asset base,” Azeem Qureshi, Grasshopper’s CEO, said in a statement.
* “Grasshopper Solar closes CAD $270 million financing,” Deutsche Bank press release