Involvement of CFI:
Private placement mandate obtained based on strength of prior client history and demonstrated ability to deliver long term funding on an innovative and competitive basis. Mandate successfully fulfilled by drawing upon exhaustive canvassing of North American sources. Cloudworks accepted an equity commitment from CFI Fund I for $32.5 million as well as $472.5 million of debt commitments arranged by CFI for 90% leverage primarily from Canadian institutional investors. Cloudworks subsequently decided to close on an alternative source of financing: a monoline backed rated public bond issue in the US market which gave them higher leverage. The client was appreciative of our efforts and paid CFI its commitment-fee for its efforts in opening up the financing market for the project.
Status of Projects: Construction completed and since sold to Innergex Energy.