Jan 11 2010
Starwood SSM1 Canada Incorporated, an affiliate of Starwood Energy Group Global, has completed agreements to finance and construct a 20-MW solar photovoltaic project in the city of City of Sault Ste. Marie, Ontario. The project comprises 2 × 10 MW solar photovoltaic electricity generating installations. This project is being constructed under the Renewable Energy Standard Offer Program, which is developed and supervised by the Ontario Power Authority. This facility will be one among the largest solar power projects in North America when completed.
A leading renewable energy projects financier, Norddeutsche Landesbank Girozentrale, will be providing finance for the construction of the project. Q-Cells International Canada, a subsidiary of Q-Cells SE, is delivering operations and maintenance services for the turn-key project. This project was originally developed by Pod Generating Group and was acquired by Starwood SSM1 recently. Starwood SSM1 is also providing equity financing for the project.
Power purchasing agreement for a 20-year period was awarded to Pod Generating Group under the OPA's Renewable Energy Standard Offer Program for both the 10-MW facilities. The project, which is scheduled to commence operations during the third quarter of 2010, will provide jobs for locals during its engineering and construction stages. When completed, it will also provide jobs for ongoing management, maintenance and operations of the solar facilities.
The 20-MW solar energy photovoltaic plant will produce enough electricity to power up to 8,000 Ontario houses. During middle of the day, when the demand for power is greatest from the local utility grid, the project will produce peak power. Carbon emissions displaced due to this project is equivalent to planting more than 16 million trees in Ontario's forests.
Source: www.starwoodenergygroup.com