US-based film photovoltaic modules manufacturer First Solar has sold its three solar power projects in Canada totalling 50MW AC to ABW Partnership.
ABW Partnership is led by majority owner GE subsidiary GE Energy Financial Services and Alterra Power, which made an equity contribution and will serve as the projects' managing partner.
The Manufacturers Life Insurance Company has served as agent and lead arranger, while ABW Partnership has raised debt for the acquisition.
The three solar power projects are Amherstburg (10MW AC), Belmont (20MW AC) and Walpole (20MW AC).
The three power plants combined are expected to generate enough green energy to power around 6,300 local homes and avoid 14,600t of carbon dioxide a year, which is the equivalent of taking 3,700 cars off the road.
According to the long-term contracts, First Solar will provide operations and maintenance services to these plants.
Ontario Power Authority will purchase the power generated by these plants under its Renewable Energy Standard Offer Program (RESOP), with 20-year power purchase agreements.
The debt syndicate consists of The Great-West Life Assurance Company, Sun Life Assurance Company of Canada and Caisse de depot et placement du Quebec.
First Solar business development Americas senior vice-president Tim Rebhorn said that apart from providing clean electricity, the projects have also created employment and local economic benefits.
GE Energy Financial Services managing director and Canada business leader Mark Tonner said, "Our Ontario investments deepen our long-standing relationship with First Solar and illustrate our interest in acquiring solar power projects at various stages of development and construction. "
Earlier in August 2013, First Solar had acquired GE's solar technology intellectual property.
Image: The 20MWAC Walpole Solar Power Plant is one of three solar projects in Ontario, Canada acquired by partners GE EnergyFinancial Services and Alterra Power from First Solar. Photo: courtesy of First Solar.