The insolvent German company worked on the silicon crystalline project together with private investment firm, Starwood Energy Group Global, LLC. Work on the first 24 MW phase, SSM1, began back in October 2010, and was followed by a second 34 MW phase, SSM2, in September 2010. The last 11 MW of phase 3, SSM3, have now been completed.
Overall, more than 300,000 of Q.Cells' Q.Base photovoltaic modules have been used across the three sites. The generated electricity is being bought by the Ontario Power Authority under a 20 year contract. Construction financing and long-term debt was provided by Norddeutsche Landesbank Girozentrale ("NORD/LB") and KfW IPEX-Bank.
In a statement released, Q.Cells said that photovoltaic companies which "offer a guaranteed return on investment (ROI) to their utility customers will have a clear competitive advantage."
Boris Schubert, CEO of Q.Cells North America, added, "Despite global economic challenges, Ontarios solar market has grown rapidly. Q.Cells looks forward to working with our partners to continue solar energy integration in Ontario and elsewhere in North America."
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