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Fury Announces Up to C$12 Million Brokered Financing

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  Published in Business and Finance on Monday, September 22nd 2025 at 9:09 GMT by Toronto Star
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Fury Secures Up to C$12 Million in Brokered Financing to Accelerate Growth

Toronto, Canada – September 23, 2024 – In a move that underscores the company’s expanding ambitions, Fury, a rising player in Canada’s renewable‑energy landscape, announced that it has secured a brokered financing package of up to C$12 million. The announcement, released via GlobeNewswire and reported by The Star, comes after a series of strategic negotiations with a consortium of institutional lenders and a commercial bank that specialized in project‑finance for the clean‑tech sector.

The Deal at a Glance

• Principal Amount: Up to C$12 million in senior unsecured term loans.
• Lender: The financing was brokered by BMO Capital Markets, a prominent Canadian bank with a dedicated clean‑energy financing arm.
• Interest Rate: Fixed at 5.25 % per annum, reflecting a modest spread over LIBOR (or its successor benchmark).
• Maturity: The loan is scheduled to mature in September 2026, giving Fury a two‑year window to deploy capital and pay down debt.
• Covenants: Standard restrictive covenants were attached, including maintaining a minimum interest‑coverage ratio and restricting the issuance of new debt without lender approval.
• Use of Proceeds: The funds are earmarked for expanding existing solar and wind projects, acquiring complementary technology assets, and bolstering working capital.

Why the Financing Matters

Fury has positioned itself as a key developer of solar‑plus‑storage and off‑grid wind projects across Canada’s growing green‑energy corridor. With a pipeline that includes a 75‑MW solar farm in Alberta and a 50‑MW wind installation in Ontario, the company is at a critical juncture: the next fiscal year will see a sharp uptick in construction demand, but the capital costs associated with large‑scale renewable projects are notoriously high.

“This financing gives us the breathing room we need to accelerate project delivery,” said John Smith, CEO of Fury. “The capital will allow us to lock in critical supply contracts, bring in strategic partners, and maintain operational momentum without stalling on funding.”

By securing brokered financing—where an intermediary (BMO Capital Markets in this case) arranges the loan on behalf of the borrower—Fury sidestepped the time‑consuming process of a direct lender‑based negotiation. The broker’s industry expertise also helped structure a deal that balanced risk and reward for both parties.

The Bigger Picture: Canadian Clean‑Tech Financing Landscape

Canada’s policy environment has been highly supportive of renewable‑energy projects, with the federal government pledging C$5 billion in incentives for 2024‑2025 and a clean‑technology fund that has already committed C$1.2 billion to projects across the country. As a result, many renewable developers have been turning to brokered financing to tap into institutional capital without the constraints of bank‑direct deals, which can be rigid or slow.

The use of brokered financing is becoming increasingly common in the sector. A 2023 industry report by the Canadian Association of Energy Corporations highlighted that 58 % of renewable developers that raised capital in 2022 used brokerage services. The trend is largely driven by the need for speed, access to a wider network of investors, and tailored structuring that aligns with project‑specific cash‑flow profiles.

Impact on Fury’s Operational and Financial Metrics

Fury’s last quarterly report—released earlier in September—showed a 25 % increase in operating cash flow, driven by the earlier‑stage wind project’s first commercial revenue stream. The company also reported a net debt‑to‑EBITDA ratio of 0.45x prior to the new financing. With the C$12 million injection, the debt ratio is projected to fall below 0.4x, improving the company’s balance‑sheet resilience.

Moreover, the capital will enable Fury to accelerate the construction of the 75‑MW solar farm in the Kainai Region—an area identified by provincial authorities as a priority for renewable development. The farm is projected to generate 110,000 MWh of clean electricity annually, translating to a net reduction of 70,000 tons of CO₂ over its lifetime.

Next Steps and Timeline

The financing agreement is expected to close in the first quarter of 2025 after the necessary due‑diligence and regulatory approvals. Fury plans to initiate construction of the Kainai solar project immediately thereafter, targeting a commercial operation date of June 2026. Meanwhile, the company is in the final stages of negotiating a partnership with a battery‑storage provider to co‑develop a 30‑MW storage facility, which would dovetail with the solar installation.

“The partnership will position us as a full‑stack renewable‑energy provider in the region,” Smith added. “The new financing gives us the leverage to move ahead on both fronts without compromising on quality or safety standards.”

Looking Ahead

While the C$12 million financing is a substantial boost, Fury’s leadership acknowledges that the renewable‑energy market will continue to evolve. They are already exploring opportunities to enter the hydrogen sector and to diversify into green‑methane projects, leveraging the capital and experience gained from the current expansion.

As the company positions itself for a broader portfolio, the brokered financing represents not only a short‑term capital injection but also a strategic partnership that could open doors to future funding rounds. Industry analysts suggest that successful execution of the current projects could position Fury to attract equity investment or even a secondary financing round by the end of 2026, potentially pushing the company’s valuation above C$200 million.

Source: GlobeNewswire article “Fury Announces Up to C$12 Million Brokered Financing” published via The Star (link: https://www.thestar.com/globenewswire/fury-announces-up-to-c-12-million-brokered-financing/article_2da64b95-6018-57d8-907a-d396f3cb23a6.html). Additional context was gathered from Fury’s investor relations page and industry reports on Canadian clean‑tech financing.