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Fresh Air Energy - Solar Portfolio

Capacity: 40 MW

Location: Ontario

Operational: 2014

Estimated Annual Generation: 59.4 GWh

Total Projects: 4


Fresh Air Energy Inc. was founded by Andy Keith about 10 years ago. Fresh Air developed four solar power projects in several prime locations in Ontario and then sold them to Northland Power Inc. After the sale, Fresh Air retained a royalty on the solar power projects from Northland Power for the duration of the FIT contracts on the projects.

Following this transaction, Andy Keith founded a company called Solar Panda in 2016. Solar Panda provides home solar systems to customers in Kenya who do not have access to electricity. The product provides a cost-effective and safe alternative to using kerosene.

The Problem:

While Solar Panda had grown considerably in the first few years of operation, reaching thousands of customers in Kenya, Andy was looking to grow the company more. The company required a non-dilutive solution that would minimize its financial constraints in the short-term, and help it grow over the long-term.

Our Solution:

To help Solar Panda fund their future growth, we bought the existing royalty from Fresh Air for $1.87 million. Andy could then take the capital we provided to Fresh Air and put it into Solar Panda, thereby allowing them to achieve a lower cost of capital compared to alternatives they were considering.

Learn more about Solar Panda here:

RE Royalties' royalty financing solutions are designed to provide renewable energy operators and developers with the financial flexibility to grow without resorting to dilution, asset sales or restrictive debt covenants. Learn more about our project financing options here.

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