BNY Mellon, through its subsidiary, BNY Trust Company of Canada, has been appointed depositary and collateral agent by Canadian Solar, a 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 support and tailored service solutions to renewables market participants.”