Atlantic Wind & Solar Inc. (AWSL) has signed a solar energy agreement with Ontario real estate developer The Remington Group. This agreement follows the recently announced Green Energy Act, which introduced feed-in tariffs and domestic content rules for alternative energy producers in Ontario.
The agreement encompasses the installation of several rooftop solar projects in Ontario up to 250 kW in size and involves the installation of Hybridyne Power Systems Canada's renewable energy systems on Remington-owned facilities.
The purchase and installation of these renewable energy systems will be financed by a 50/50 joint venture between Remington Group and AWSL through a limited liability partnership.
The systems will generate in excess of 1.25 MW of power and will generate a 20-year guaranteed revenue stream under the feed-in tariff program upon issuance of the Ontario Power Authority contract. The Remington Group and AWSL will share equally in the revenues from these projects.
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SOURCES: The Remington Group, Atlantic Wind & Solar Inc.