Ontario solar power plant project finalizes financing
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Starwood Energy to build 20 MW project in Sault Ste. Marie, Ontario.
Starwood Energy Group Global, LLC, a private investment firm focused on energy infrastructure projects, announced that its affiliate, Starwood SSM1 Canada Incorporated has completed agreements to finance and construct a 20 megawatt (MW) solar photovoltaic project in the City of Sault Ste. Marie, Ontario. The project, which will consist of two 10 MW solar photovoltaic power generation projects, is contracted under the Renewable Energy Standard Offer Program developed and overseen by the Ontario Power Authority and will connect to local utility PUC Distribution, Inc. The project, when complete, will be among the largest completed in North America.
The project, including operations and maintenance services, is being delivered by Q-Cells International Canada, an affiliate of Q-Cells SE, a leading photovoltaic company. Starwood SSM1, which is providing equity financing for the facilities, recently acquired the project from Pod Generating Group, a developer of community-scale solar power generating facilities.
For each of the two new 10 MW solar facilities, Pod was awarded a 20-year power purchase agreement (PPA) under the OPA’s Renewable Energy Standard Offer Program (RESOP). According to the company, local jobs will be created for engineering, construction and ongoing management, operations, and maintenance of the new solar facilities, which are scheduled to be operational in the third quarter of 2010.
The 20 MW project, once built, will provide power for up to 8,000 Ontario homes, generating their peak power during the middle of the day, a time of highest demand on the local power grid.