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.