Ontario developer receives $15 million for solar rooftop projects

While no specific projects have been announced, a spokesperson tells pv magazine that five megawatts of solar will be installed over the next three years. Development will start this summer.

According to a statement released, the facility will be able to provide fixed rate, non-recourse debt financing, including construction financing, for a term up to 18 years. It was provided by Stonebridge Financial Corporation.

Blackstone will develop the solar projects, which will be up to 500 kilowatts in size, both for itself and third party owners. The spokesperson would not give any names away, but they did say that "a number of partner companies in the solar EPC and services (electrical, structural) industries, and the development capital space" will be involved.

"We are delighted to have this funding commitment available to us, to facilitate the development of rooftop solar projects (…)," commented Curtis Chandler, director of Blackstone.

"In particular," he explained, "the non-recourse aspect of this financing makes it particularly attractive, providing project owners with debt funding for up to 80 percent of project costs, based solely on the expected cash flows of the solar rooftop project."