SkyPower Secures Financing for Two Solar Parks in Ontario

SkyPower announced that it has signed a clean energy financing deal with Deutsche Bank, for its two solar plants in Ontario. The nameplate capacity of both the plants is about 18.5 MW. The financing will be used to construct a 10 MW solar project in Stone Mills, and an 8.5 MW solar project in Thunder Bay.

The Stone Mills solar park will be the first, completely operational solar park in Canada. Both the solar projects are scheduled to be completed by mid 2011. Both the projects together are expected to produce approximately 19 million kWh of power in the first year, and nearly 400 million kWh of power over a period of 20 years. This power generation is equivalent to providing electricity to nearly 33 thousand homes, and offsetting carbon dioxide by eliminating around 60,000 cars from the road.

The debt package secured from Deutsche Bank is about C$70 million. The President and CEO of SkyPower, Kerry Adler, said that the company is pleased to close financing on their fifth as well as the sixth solar energy project.

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