Starwood Energy Closes Financing For 30 MW Solar Project

Starwood Energy Group Global LLC, a private investment firm focused on energy infrastructure projects, says its affiliate, Starwood SSM2 Canada Inc., has completed a financing agreement for Starwood SSM2, a 30 MW solar photovoltaic project in Sault Ste. Marie, Ontario.

The project follows on the heels of Starwood Energy's 20 MW AC Starwood SSM1 solar plant, which closed financing in December 2009 and is scheduled to be completed in the near future.

Starwood SSM2, which will consist of three 10 MW AC solar photovoltaic power generation projects, is contracted under the Renewable Energy Standard Offer Program developed and overseen by the Ontario Power Authority and will connect to local utility PUC Distribution Inc.

The project's construction financing and long-term loan facility is being provided by Norddeutsche Landesbank Girozentrale and KfW IPEX-Bank. Q-Cells North America will construct the project on a turnkey basis and provide operations and maintenance services post-completion. In conjunction with the closing, Q-Cells North America has been issued a full notice to proceed with construction activities.

SOURCE: Starwood Energy Group Global LLC

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