NEW YORK CITY (dpa-AFX) - BNY Mellon, the corporate brand of The Bank of New York Mellon Corporation (BK) said that through its subsidiary, BN Trust Company of Canada, it has been appointed depositary and collateral agent by Canadian Solar Inc., 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 or FIT contract.
As the depositary and collateral agent for Canadian Solar, BNY Mellon said it 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.
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