SunEdison's eleventh solar project under the Feed in Tariff program will bring energy and jobs to Ontario
SunEdison, a leading global solar technology manufacturer and provider of solar energy services, today announced that it has reached financial close with Norddeutsche Landesbank Girozentrale (NORD/LB) for an 18 megawatt (MW) DC solar power plant in Ontario. The project is set to start construction in July and be completed by the end of 2014, at which time it will be sold to Firelight Infrastructure Partners. The facility is expected to generate approximately 20 gigawatt hours of clean energy in the first year, equivalent to the annual electricity consumption of over 1800 homes, all of which will be fed directly into the energy grid.
"The Bruining project demonstrates SunEdison's ability to develop solar projects that bring both environmental and economic benefits to the citizens of Ontario," said Michelle Chislett, Country Manager for SunEdison Canada. "By continuing to work with established capital partners like NORD/LB on projects like Bruining, we can help Ontario meet its clean energy goals."
Through the completion of the Bruining project under the Feed in Tariff program, SunEdison is expanding clean generation capacity to provide Ontario with more renewable energy, while simultaneously creating and sustaining construction and manufacturing jobs in the local economy. This project builds upon the growing portfolio of projects by SunEdison and NORD/LB in Ontario, adding to a list that includes several completions in 2011 under the Renewable Energy Standard Offer Program.
"Renewable energy is a mainstay of Nord/LB and we are proud to have been able to support SunEdison again in Ontario," said Andrew Robinson, Global Head of Structured Finance Originations at NORD/LB.
To complete the project, NORD/LB is providing a construction loan of approximately $50.5 million CAD, and has committed to provide up to $63 million CAD of long term debt. White Canada Construction Inc. is responsible for the construction of the project. All materials for the project including solar panels, inverters and electrical equipment, will be assembled in Ontario. Once operational, the solar power plant will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring and reporting services.
