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.
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SOURCE BNY Mellon