Exclusive: Canadian Energy Fund Close to Acquiring 10 MW Project

by Terrence Murray, Chicago - December 15, 2010

A recently-launched Toronto solar-focused fund is set to acquire a $50 million, 10-megawatt portfolio of roof-top solar projects in Ontario.

An investment fund backed by Mill Valley, Calif., Solar Power Partners (SPP) and Toronto-based JCM Capital is close to acquiring a portfolio of rooftop solar PV projects in Ontario that combined are set to generate 10 megawatts of electricity.

The solar portfolio is anticipated to cost roughly $50 million to develop, JCM Capital Managing Director Christian Wray tells G.E.R. The  JCM Capital/SPP fund  is targeting a 75:25 debt -to – equity ratio. Wray declined to name lenders it is in talks with.

The 10 megawatts generated by the roof-top projects are backed by an Ontario Power Authority (OPA) long-term power purchase agreement. The projects are scheduled for completion in the Spring of 2011.

To take advantage of Ontario’s investor-friendly regulatory regime, last week SPP and JCM Capital could raise as much as $1 billion in debt and equity  to develop, own and operate up to 200 megawatts of solar projects.

Photo: iStockphoto

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