#Canada #Toronto #Power Sustainable #telMAX

Power Sustainable Closes CAD$110m Loan Investment

In an impressive move that aims to boost the telecommunications landscape in Ontario, Power Sustainable Infrastructure Credit (PSIC) successfully secured a significant CAD $110 million senior secured financing agreement with telMAX, a cutting-edge internet service provider. This financing will primarily support the expansion of telMAX's rapid broadband network across the Greater Toronto Area (GTA).

A Commitment to Connectivity

Founded with an objective to deliver top-notch internet experiences, telMAX prides itself on being a 100% fibre optic provider. The financing from PSIC empowers the company to further its vision of becoming the most customer-centric and community-focused provider in Canada. The ongoing expansion not only aims to improve internet access but also underscores telMAX’s commitment to building enduring partnerships within local communities.

Strategic Growth and Community Engagement

Benjamin Shenwick, Principal at PSIC, expressed enthusiasm about the partnership, noting the vital role fibre technology plays in efficiently delivering internet services. “We are excited to partner with telMAX and their exceptional management team as they embark on this next chapter of growth,” Shenwick said. The emphasis on energy-efficient fibre technology highlights a growing trend of sustainability within the telecommunications industry.

Since its launch in 2023, PSIC has made considerable strides in the North American market, now executing six transactions while managing a robust CAD 1 billion platform. Their strategic focus encompasses a range of infrastructure sectors including energy, logistics, and digital solutions, asserting their position as an influential player in the financial landscape.

telMAX: The Growing Leader in High-Speed Connectivity

Michael Strople, CEO of telMAX, highlighted the significance of this financing in securing the company's expanding footprint. “This financing supports telMAX's ongoing expansion and is a strong endorsement of our business strategy and our customer growth trajectory,” stated Strople. The partnership with Power Sustainable is poised to enhance telMAX’s ability to fulfill its promise of delivering Canada’s fastest all-fibre internet services to even more communities in the GTA.

Due to the pressing need for faster and reliable internet, telMAX has rapidly ascended to the forefront of the fibre optic internet market in Canada, recently being honored by PC Magazine as the fastest internet service provider in the country for three consecutive years. telMAX’s benchmark-fibre network provides essential services to several communities, including Brooklin, Stouffville, and Newmarket, proving its dedication to empowering local residents and businesses.

Legal Support and Financial Advisory

The transactions involved experienced legal counsel and financial advisory services to ensure a seamless deal. Orrick, Herrington & Sutcliffe LLP served as New York legal counsel, while Osler, Hoskin & Harcourt LLP operated as the Canadian legal counsel for PSIC. In addition, Bank Street Group LLC acted as the exclusive financial advisor, supported by Vinson & Elkins LLP and Bennett Jones LLP as legal counsels for telMAX.

Expanding Horizons for Power Sustainable

Power Sustainable, an alternative asset manager, holds a mission centered on financing projects that yield both competitive returns and positive sustainability outcomes. As a subsidiary of Power Corporation of Canada (TSX POW), their investments seek to accelerate and scale sustainable solutions across various industries. With around CAD 4 billion in assets under management, the company stands at the forefront of financing a cleaner and more sustainable future.

For more information about telMAX and its services, you can visit telMAX's website. As telMAX continues to enhance connectivity, both the company and its partners are well-positioned to lead the charge towards a more connected Canada.

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