• In 2010, SFS EF AM committed CA$8.25 million (US$ 6.35 million (1 CAD=0.77 USD)) to the Borrower’s CA$ 32.0 million Senior Secured Term Loan (the “Term Loan”). The Term Loan has a 15-year …show more content…
o For the Twelve Months ending March 31, 2016 (the “TTM”), the actual energy output was adversely affected by the icy conditions during the winter months despite a strong plant availability factor (98.9%). The actual net energy output of 10.5 GWhs was about 9% below the SFS EF AM forecast of 11.5 GWhs. The operating performance, in terms of the net energy output, was slightly below the P90 exceedance level output levels and in line with the historical level (10.6 GWhs). o The Analyst notes that the Project’s actual energy output has been close to the P90 exceedance based energy output and the Project’s financial performance risk is also based on the P90 exceedance level energy output. The Analyst is of the opinion that the assessment of the volatility of supply risk factor should not be changed as lowering the rating based on higher volatility of supply risk will be punitive for the Project’s risk profile given that the risk is already embedded in the assessment of its financial risk