Details have emerged on the GE-led acquisition of a 50-megawatt solar portfolio in Ontario from First Solar.
GE’s energy financing unit, GE Energy Financial Services, is expected to invest about C$55 million ($55.3 million) in a venture it has formed with Canadian developer Plutonic Power to acquire three Ontario-based photovoltaic solar power projects from First Solar, a Plutonic spokeswoman tells G.E.R. As previously reported Plutonic has committed to make a C$6 million equity investment in the venture.
First Solar will arrange the debt portion of the financing supporting the construction of the three solar facilities, which are: The 10-megawatt Amherstburg facility, the 20-megawatt Belmont plant and the 20-megawatt Walpole project.
Construction on the three facilities is expected to begin by mid-2011. Once operational the plants will sell their output to the Ontario Power Authority (OPA) under 20-year Power Purchase Agreements.