Carmanah Signs C$1.5 Million PV Contract

Carmanah Technologies Corp. has been awarded a C$1.5 million contract with the town of Markham, Ontario, to supply, install, and commission a 250 kW solar photovoltaic grid-tie system. The system will be installed on the town's newly relocated Emergency Operation Centre.

The project is being funded by a combination of Markham's own capital budget money and infrastructure stimulus funds provided through a funding partnership with the governments of Canada and Ontario. Once operational, the new solar photovoltaic grid-tie system will generate revenue through the contracted sale of energy from the Ontario Power Authority (OPA) under the feed-in-tariff (FIT) program at a rate of $0.713/kWh.

From the annual revenue received by the system under the OPA FIT contract, Markham will pay down its capital budget investment portion within the first five years of operation. The remaining 15 years of the contract revenues are proposed to be reinvested in future Markham energy projects.

SOURCE: Carmanah Technologies Corp.

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