Plutonic Power to buy 50 MW PV portfolio
Plutonic Power, GE Energy Financial Services expand partnership’s presence in Ontario PV market.
Vancouver, BC and Tempe, AZ – Vancouver, BC-based Plutonic Power Corporation and GE unit GE Energy Financial Services have agreed to acquire a 50-megawatt portfolio of three photovoltaic solar facilities to be built in Ontario from First Solar, Inc., marking Plutonic’s expansion into solar power and Ontario.
Plutonic Power is expected to make an equity contribution of approximately CAD $6 million and serve as the projects’ managing partner. First Solar will continue developing the facilities–Amherstburg (10 MW), Belmont (20 MW) and Walpole (20 MW)—and will provide engineering, procurement and construction services and operations and maintenance services under long-term contracts.
Permitting the projects under the province’s Renewable Energy Approval process is expected in the spring of 2011. Construction is expected to begin by mid-2011. When completed, the projects will sell their power to the Ontario Power Authority under 20-year energy purchase agreements and will interconnect to the province’s distribution grid at five points.
In addition to this investment, Plutonic Power and GE Energy Financial Services also jointly own British Columbia’s largest wind farm, the Dokie Wind Project, and British Columbia’s largest independent run-of-river hydro project, the East Toba River and Montrose Creek hydroelectric project. The two projects have a combined capacity of 340 megawatts and have secured long-term Energy Purchase Agreements with BC Hydro.