Penn Energy Renewables has closed $125m financing for three solar energy projects in Ontario, Canada.

The projects, which have an aggregate capacity of 37 MW, are being financed through three separate term and construction facilities by Rabobank, KeyBank National Association and National Bank of Canada.

Rabobank was the coordinating lead arranger and the other two banks were joint lead arrangers.

The Ontario Power Authority (OPA) will buy the energy generated from the projects under three separate 20-year power purchase agreements.

The three projects in Uxbridge, Burford and Kawartha Lakes are the latest in a series of solar energy plants developed and built by Penn Energy in Ontario.

Penn Energy Renewables has closed three similar projects in the last two years.

The company develops, acquires and invests in utility-scale solar farms. Its portfolio currently totals about 100MW (DC).

In Ontario, Penn Energy has signed feed-in-tariff contracts with the OPA for seven solar power generation projects.

Penn has proposed several solar farm projects in locations across the province, primarily in southern and eastern Ontario where the majority of the energy is consumed.

The company said the solar plants will employ stationary photovoltaic modules deployed in fields on fixed racks oriented towards the southern sky.