In the fall of 2009, the government of Ontario implemented a feed-in tariff program (the “FIT Program”). Administered by the Ontario Power Authority (the “OPA”), the FIT Program is North America’s first comprehensive pricing structure for renewable energy generation. It offers renewable energy producers (e.g. wind, solar and biomass) above-market prices under stable, long-term term supply contracts (“FIT Contracts”).

For lenders, the FIT Program has created considerable demand in the growing renewable energy generation market. The discussion below provides an overview of certain key issues related to financing projects under the FIT Program that have been identified in the early stages.

After just over one year of existence, the FIT Program has achieved some significant milestones. Under the FIT Program, the OPA has awarded FIT Contracts for the generation of more than 2,632 megawatts (“MW”) of renewable energy.

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