MOM Solar LP, a Canadian limited partnership owned by affiliates of Main Street Power Co. Inc., its partner MS Solar Solutions Canada ULC (MSSSC) – an indirect wholly owned subsidiary of Morgan Stanley – and Ozz Electric Inc. – a Canadian engineering and construction contractor – have closed financing with NORD/LB for 24 Toronto-area solar rooftop projects totaling 9 MW.
The projects are located on large retail stores and have in place 20-year contracts with the Ontario Power Authority pursuant to Ontario's solar feed-in-tariff program. The credit facility is for a maximum amount of C$35.4 million to finance the acquisition of completed projects from affiliates of MOM Solar.
NORD/LB's financing for MOM Solar marks the bank's first venture into distributed solar.
