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.