News Article
First Solar sells CdTe Canadian power plants
The fiirm will provide operations and maintenance to GE-Alterra partnership projects totalling an AC of 50 megawatts
First Solar has sold a collection of solar projects in Ontario, Canada to an investment partnership led by GE unit GE Energy Financial Services.
The terms of the transaction were not disclosed.
The 20MWAC Walpole Solar Power Plant in Ontario, Canada (Photo courtesy of First Solar, Inc.)
The 20MWAC Walpole Solar Power Plant is one of three solar projects in Ontario, Canada acquired by partners GE Energy Financial Services and Alterra Power Corporation from First Solar, Inc. 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.
It is the first project transaction between First Solar and GE since their solar technology and commercial partnership was announced on August 6th.
The ABW Partnership, originally announced in 2011, consists of majority owner GE Energy Financial Services and Alterra Power Corporation, which 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).
The firm has also commissioned and energised 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.
"First Solar is proud to contribute to Ontario's renewable energy objectives," said Tim Rebhorn, First Solar's Senior Vice President of Business Development - Americas. "In addition to providing clean electricity, the projects have provided meaningful employment and local economic benefits, as well as contribute to the safe and efficient operation of the local utility system."
GE Energy Financial Services said the Ontario projects contribute to its cumulative one gigawatt, $1.5-billion solar investment portfolio, comprising 50 installations, including several with First Solar in North America and Australia.
The terms of the transaction were not disclosed.
The 20MWAC Walpole Solar Power Plant in Ontario, Canada (Photo courtesy of First Solar, Inc.)
The 20MWAC Walpole Solar Power Plant is one of three solar projects in Ontario, Canada acquired by partners GE Energy Financial Services and Alterra Power Corporation from First Solar, Inc. 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.
It is the first project transaction between First Solar and GE since their solar technology and commercial partnership was announced on August 6th.
The ABW Partnership, originally announced in 2011, consists of majority owner GE Energy Financial Services and Alterra Power Corporation, which 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).
The firm has also commissioned and energised 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.
"First Solar is proud to contribute to Ontario's renewable energy objectives," said Tim Rebhorn, First Solar's Senior Vice President of Business Development - Americas. "In addition to providing clean electricity, the projects have provided meaningful employment and local economic benefits, as well as contribute to the safe and efficient operation of the local utility system."
GE Energy Financial Services said the Ontario projects contribute to its cumulative one gigawatt, $1.5-billion solar investment portfolio, comprising 50 installations, including several with First Solar in North America and Australia.
