Plutonic Power Corp. and GE unit GE Energy Financial Services have agreed to acquire a 50 MW portfolio of three photovoltaic solar facilities to be built in Ontario from First Solar Inc. Plutonic notes that this acquisition marks its expansion into solar power and Ontario.
Plutonic Power is expected to make an equity contribution of approximately C$6 million and serve as the projects' managing partner. Project debt will be arranged by First Solar on behalf of Plutonic and GE Energy Financial Services and is expected to be in place at financial close, which coincides with the start of commercial operation. Additional financial details were not disclosed.
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. Construction is expected to begin by the middle of the year.
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.
SOURCE: First Solar Inc.