Shortly after announcing an R&D, component and reseller partnership on August 6, First Solar and GE have completed another project transaction. The latest move will see GE purchase a collection of completed photovoltaic power plants off First Solar in Ontario. First Solar will remain O&M provider for the installations.
The 50 MW of capacity comes in the form of the 10 MW Amherstburg, 20 MW Belmont and 20 MW Walpole installations. All three power plants are fully operational and will sell power to the Ontario Power Authority, under 20 year PPAs.
GE Energy Financial Services is the lead partner in the ABW Partnership, which comprises of GE and the Alterra Power Corporation. Great-West Life Assurance Company, Sun Life Assurance Company of Canada and Caisse de dépôt et placement du Québec have provided the debt finance.
"Our Ontario investments deepen our longstanding relationship with First Solar and illustrate our interest in acquiring solar power projects at various stages of development and construction," said Mark Tonner, managing director and Canada business leader at GE Energy Financial Services, in a statement today. The statement notes that GE Energy Financial Services has a one gigawatt solar portfolio, worth $1.5 billion. These include installations developed by First Solar in North America and Australia.