NEW YORK, March 24, 2015 /PRNewswire/ -- BNY Mellon, a
global leader in investment management and investment services,
through its subsidiary, BNY Trust Company of Canada, has been appointed depositary and
collateral agent by Canadian Solar Inc., a leading manufacturer of
solar panels and a provider of solar energy solutions, for four
power plants in the Province of Ontario,
Canada.
These power plants, with total generating capacity of 40
megawatts, include BeamLight in Georgina, GoldLight in Pefferlaw, Illumination in Scugog, and Glenarm
in Kawartha Lakes. Once completed, these projects will sell
electricity to the Ontario Power Authority pursuant to a 20-year
Feed-In-Tariff (FIT) contract.
As the depositary and collateral agent for Canadian Solar, BNY
Mellon will be responsible to process authorized payments to
Canadian Solar vendors during the construction and operation phases
of the power plants and for holding the collateral on behalf of
lenders.
"We continue to grow our depositary and collateral operations,
which we see as a natural extension of our traditional business of
acting as a trustee or in an agency capacity for bond issuers and
lenders," said Dan Gosselin,
President and CEO of BNY Trust Company of Canada. "Through our experience in
administering a wide range of project finance transactions, we are
well-equipped to offer superior support and tailored service
solutions to renewables market participants."
Part of BNY Mellon's Corporate Trust business, BNY Trust Company
of Canada provides global trust
and agency services to Canadian issuers interested in tapping the
global capital markets, as well as any issuer looking to issue in
the Canadian domestic capital markets.
As of December 31, 2014, BNY
Mellon's Corporate Trust business served as trustee and/or paying
agent on more than 61,000 debt-related issues globally. Its clients
include governments and their agencies, multinational corporations,
financial institutions and other entities that access the global
debt capital markets. The corporate trust business utilizes its
global footprint and expertise to deliver a full range of issuer
and related investor services and to develop customized and
market-driven solutions. Its range of core services includes debt
trustee, paying agency, escrow and other fiduciary offerings.
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries and more than 100 markets. As of December 31, 2014, BNY Mellon had $28.5 trillion in assets under custody and/or
administration, and $1.7 trillion in
assets under management. BNY Mellon can act as a single point of
contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE:
BK). Additional information is available on www.bnymellon.com, or
follow us on Twitter @BNYMellon.
Contact:
Mike Dunn
+1 212 922 7859
mike.g.dunn@bnymellon.com
Malcolm Borthwick
+44 207 163 4109
malcolm.borthwick@bnymellon.com
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SOURCE BNY Mellon