First Solar, Inc. of Tempe, Arizona USA, has sold a collection of solar projects in Ontario, Canada, totaling 50 megawatts (MW) AC to investors lead by GE Energy Financial Services. Terms were not disclosed. The project acquisition from First Solar of three solar projects in Ontario includes the 20MWAC Walpole Solar Power Plant. Electricity from the 50MWAC collection of projects will be sold to Ontario Power Authority under its Renewable Energy Standard Offer Program (RESOP) with 20-year power purchase agreements. Photo courtesy of First Solar, Inc. The project sale between First Solar and GE is the first between the companies since their solar technology and commercial partnership was announced Aug. 6.
The ABW Partnership, consisting of majority owner GE Energy Financial Services and Alterra Power Corporation, made an equity contribution and will serve as the projects’ managing partner. The ABW Partnership raised debt for the acquisition, with The Manufacturers Life Insurance Company, serving as agent and lead arranger. The debt syndicate consists of The Great-West Life Assurance Company, Sun Life Assurance Company of Canada and Caisse de dépôt et placement du Québec.
First Solar has completed construction of the power plants — Amherstburg (10MWAC), Belmont (20MWAC) and Walpole (20MWAC) and has commissioned and energized them so they are providing power to the grid. First Solar will provide operations and maintenance services under long-term contracts. Output of the power plants will be sold to Ontario Power Authority under its Renewable Energy Standard Offer Program (RESOP), with 20-year power purchase agreements.