Starwood Energy Group Global LLC, a private investment firm focused on energy infrastructure projects, says its affiliate, Starwood SSM1 Canada Inc., has completed agreements to finance and construct a 20 MW solar photovoltaic project in the city of Sault Ste. Marie, Ontario.
The project, which will consist of two 10 MW solar photovoltaic power generation projects, is contracted under the Renewable Energy Standard Offer Program developed and overseen by the Ontario Power Authority (OPA) and will connect to local utility PUC Distribution Inc.
The construction financing for the project is being provided by Norddeutsche Landesbank Girozentrale, a financier of renewable energy projects. The turnkey project, including operations and maintenance services, is being delivered by Q-Cells International Canada, an affiliate of Q-Cells SE.
Starwood SSM1, which is providing equity financing for the facilities, recently acquired the project from Pod Generating Group, a developer of community-scale solar power generating facilities and the original developer of the project.
For each of the two new 10 MW solar facilities, Pod was awarded a 20-year power purchase agreement under the OPA's Renewable Energy Standard Offer Program. Local jobs will be created for engineering, construction and ongoing management, operations and maintenance of the new solar facilities, which are scheduled to be operational in the third quarter of this year.
SOURCE: Starwood Energy Group Global LLC