PowerBank Cuts Solar Project Debt by About CA$4.2 Million

PowerBank Corporation announced Monday that it had completed a CA$25.4 million refinancing, cutting outstanding loan principal by about CA$4.2 million, or 14%, across 53 solar projects. PowerBank expects the refinancing to release approximately CA$5 million in net cash to the company. That cash release is an expected result; the reduction in outstanding principal is part of the completed refinancing. The transaction combines 50 credit agreements covering 53 projects into one facility. PowerBank expects the consolidated financing to lower scheduled quarterly debt payments, banking fees and administrative costs.

Source: TokenPost