PowerBank cuts solar project debt by 14% in CA$25.4M refinancing
- PowerBank (PBK) announced on Monday that it completed a CA$25.4M refinancing of its solar projects, reducing outstanding loan principal by ~CA$4.2M.
- The company now expects to release CA$5M in net cash.
- The refinancing consolidates 50 loan agreements covering 53 solar projects into one facility.
- The company expects lower debt payments, banking fees, and administrative costs.
- It will also take over operations and maintenance for 49 projects, aiming to reduce operating expenses.
- Source: Press Release
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