Synex International Inc. Refinances Barr Creek Hydro Project and Kyuquot Utility

Vancouver, British Columbia--(Newsfile Corp. - June 16, 2021) - Synex International Inc. (TSX: SXI) ("Synex"), a Vancouver-based developer, owner and operator of renewable power projects, is pleased to announce the concurrent closing of two financing transactions to (1) refinance the Barr Creek hydro project (80% indirectly owned by Synex and 20% indirectly owned by Ehattesaht First Nation) with long-term, fixed-rate, non-recourse project financing, and (2) refinance certain other credit facilities from Canadian Western Bank, including in respect of its wholly owned subsidiary, Kyuquot Power Ltd., which owns and operates a regulated electrical distribution utility on the west coast of Vancouver Island. Selkirk Advisory Group Inc. acted as exclusive financial advisor to Synex for purposes of both financing transactions.

Barr Creek is a 4.4 MW run-of-river hydro project which commenced operations on February 2, 2012. It is located on Vancouver Island near the village of Zeballos and sells all electricity generated to British Columbia Hydro and Power Authority pursuant to a fixed-price Electricity Purchase Agreement. The Barr Creek refinancing loan amount was approximately $7.5 million. The loan carries an interest rate of 4.259% and matures on June 30, 2045. Principal and interest payments on the loan will be made semi-annually, in June and December of each calendar year.

The additional financing transaction loan amount was $1.6 million, which carries an interest rate of 4.767% and matures concurrently with maturity of the Barr Creek refinancing on June 30, 2045. Principal and interest payments will be made semi-annually, in January and July of each calendar year. Proceeds of this loan were used to refinance existing credit facilities from Canadian Western Bank and to provide capital for future development and/or acquisition opportunities.

"Closing of these two financings completes the process that Synex management has undertaken to restructure Synex's balance sheet, reduce ongoing financing costs, mitigate refinancing and interest rate risk, and provide additional working capital. Synex's management thanks its new lenders, Selkirk Advisory and respective legal counsels and consultants, as well as its partner on Barr Creek, Ehattesaht First Nation, for their collective efforts in achieving successful closing of these transactions," said Daniel J. Russell, President and Chief Executive Officer of Synex. "With the financings now closed, management will be focused on advancing Synex's development-stage projects and executing on accretive acquisition opportunities," added Mr. Russell.

About Synex International Inc.

Synex is a Vancouver, British Columbia based company engaged in the development, acquisition, ownership and operation of renewable energy projects in Canada. It has ownership interests in 12 MW of operating hydro projects in British Columbia and owns a Vancouver Island grid connection and utility carrying on business as Kyuquot Power Ltd. The company also has 9.4 MW of construction ready run-of-river projects, applications and land tenures on another 24 potential hydroelectric sites totaling over 150 MW of capacity, and approximately 18 wind development sites that could provide up to 4,850 MW of clean power in British Columbia. For further information, visit

For media enquiries, please contact:

Daniel J. Russell, President & CEO, Synex International Inc.
4248 Broughton Ave., Niagara Falls, Ontario L2E 0A4
Phone (604) 688-8271
E-mail: [email protected]

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