With financial close having now been reached on the 10 MW Starwood SSM3 project, located in Sault Ste. Marie, Q-Cells has received the go ahead to start construction work.
It has already completed work on the 20 MW AC Starwood SSM1 project, which came online in October 2010, and started construction on the Starwood SSM2 30 MW AC project, which is scheduled for completion in the third quarter of this year. Meanwhile, the third phase should be finished by the end of 2011.
The Starwood SSM3 project has been contracted under the Ontario Power Authoritys old Renewable Energy Standard Offer Program (RESOP). Construction financing and a long term loan facility is being provided by Norddeutsche Landesbank Girozentrale.
Furthermore, equity financing will be provided by Starwood Energy Infrastructure Fund, L.P. and its affiliates. Nautilus Solar Energy, which is majority owned by the fund and its affiliates, will also serve as asset manager.
When all phases are operational, the 60 MW photovoltaic project will represent one of the photovoltaic industrys biggest, and the second largest in North America.
In other Ontario news, it has been announced this week that 27.5 MW worth of photovoltaic systems will be installed over the next three years under the Bruce to Milton reinforcement project.
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