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ARTICLE · 25 APRIL 2019

Supreme Court Is Not Interested In The Interest Act

Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
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The Supreme Court of Canada recently dismissed the application for leave to appeal the Ontario Court of Appeal's decision in Solar Power Network Inc. v. ClearFlow Energy.

CanadaLitigation, Mediation & Arbitration
Graham Splawski
Graham Splawski
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  • The Supreme Court of Canada recently dismissed the application for leave to appeal the Ontario Court of Appeal's decision in Solar Power Network Inc. v. ClearFlow Energy, which restored certainty to credit markets after a lower court decision that could have had the effect of rendering all loans denominated on less than a 365-day year (e.g. most LIBOR denominated loans) off-side of the Interest Act, R.S.C. 1985, c. I-15. BLG acted for the lender in this case (the successful appellant before the Court of Appeal, which was also successful in resisting the application for leave to appeal to the Supreme Court).

In this case, a borrower (Solar Power) entered into a significant number of short term loans with a lender (ClearFlow) to finance the construction of solar panel projects. The intention behind the loans was to provide higher-cost financing during construction, which would then be taken out by longer-term, lower-cost financing from other sources. However, the

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