Exclusive: SunEdison, SkyPower Set To Appoint Bank For Ontario Solar Deal

SunEdison and SkyPower are in discussion with banks to finance part of  their $80 million, 18 megawatts Norfolk I and II solar PV projects in Norfolk County, Ontario.

Construction on the two solar farms, which are jointly developed by SunEdison’s Canadian unit and Toronto-based  SkyPower, . The plants are scheduled to begin operating in September.

Because of the short construction period SunEdison and SkyPower could initially finance construction off their balance sheets and then refinance via long-term bank debt, an industry source tells G.E.R.

German bank Norddeutsche Landesbank Girozentrale (Nord/LB) financed the 9 megawatts portion of , SunEdison and SkyPower first joint project in Ontario.

A SunEdison executive says Nord/LB is one of the banks it is is talking to with as well as other lenders he declined to name. The developers expect to have a bank on board in the next four weeks.

A Nord /LB banker declined comment.

Norfolk I and II will sell their output for about $0.42 cents per kilowatt-hour as part of a 20-year power purchase agreements with the Ontario Power Authority under the province’s Renewable Energy Standard Offer Program (RESOP).

The two power plants will use about about 148,000 thin-film PV panels manufactured by Sharp Solar.

Image: iStockphoto

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