Ontario: Starwood Energy closes financing on 30 MW PV project

Share

The project is scheduled to be completed “in the near future” and it is hoped it will be operational in the third quarter of next year.

Starwood SSM2 will consist of three 10 MW AC PV power generation projects. According to the Starwood Energy Group, when complete, the project will be among the largest of its kind in North America.

It went on to say that Q-Cells North America will construct the project on a turn-key basis and provide operations and maintenance services post-completion. In conjunction with closing, Q-Cells has been issued a full notice to proceed with construction activities.

Starwood SSM2, once built, will provide power for up to 12,000 Ontario homes, generating their power during the middle of the day, a time of highest demand on the local power grid, said Starwood Energy Group.

The project construction financing and long-term loan facility is being provided by Norddeutsche Landesbank Girozentrale and KfW IPEX-Bank. Equity financing will reportedly be provided by Starwood Energy Infrastructure Fund, L.P. and its affiliates. It was added that Nautilus Solar Energy will serve as asset manager for the project.

"This financial closing culminates months of hard work by Q-Cells, Nord/LB and KfW, the same consortium that closed Starwood SSM1, and represents a significant milestone in project financing for utility scale solar generation projects in North America. We look forward to making future investments in solar projects in Ontario," said Himanshu Saxena, vice president of Starwood Energy.

Starwood SSM2 is contracted under the Renewable Energy Standard Offer Program (RESOP) developed and overseen by the Ontario Power Authority and will connect to local utility PUC Distribution, Inc.

The project follows on the heels of Starwood Energy’s 20 MW AC Starwood SSM1 solar plant, which closed financing last December.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.