Starwood Closes Financing For Last Phase Of 60 MW Plant

Starwood Energy Group Global LLC says its affiliate Starwood SSM3 Canada LP has reached financial close on a 10 MW solar photovoltaic project in the city of Sault Ste. Marie, Ontario. The project follows Starwood SSM1, a 20 MW project that came online in October 2010, and Starwood SSM2, a 30 MW project expected to be completed during the third quarter of this year.

Starwood SSM3 is contracted under the Renewable Energy Standard Offer Program, which was developed and is overseen by the Ontario Power Authority, and will connect to local utility PUC Distribution Inc.

The project construction financing and long-term loan facility are being provided by Norddeutsche Landesbank Girozentrale. The North American subsidiary of Q-Cells SE will construct the project on a turnkey basis and provide operations and maintenance services post-completion. In conjunction with closing, Q-Cells has been issued a full notice to proceed with construction activities.


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