Northland secures financing for six 10MW solar projects in Canada

17 July 2012 (Last Updated July 17th, 2012 18:30)

Northland Power has secured $227m in financing for the first phase of its 130MW ground-mount programme in Ontario, Canada.

Solar Power-Jul 18

Northland Power has secured $227m in financing for the first phase of its 130MW ground-mount power programme in eastern and central Ontario, Canada.

The first phase includes six solar projects, totalling 60MW, and will cost $285m.

Union Bank Canada Branch, Mizuho Corporate Bank and CIT Financial have provided the first phase financing with an 18-year term loan.

John Brace, Northland president and CEO, said the project is the company's first group of utility scale solar farms.

"Once completed, these facilities will contribute clean solar power to Ontario's grid," Brace added.

The projects are being constructed by Aecon Group subsidiary Miwel Construction and energy generated from them will be sold under Ontario's renewable energy Feed-in-Tariff (FIT) programme.

The solar plants are located near Smiths Falls and Belleville in eastern Ontario, and Burk's Falls near Huntsville. Commercial operations are expected to begin in 2013.

Power purchase agreements (PPAs) have been received under Ontario's FIT programme for the second phase, which includes seven solar projects totalling 70MW, for which Northland is seeking planning permission.


Image: Six 10MW solar projects will be built in eastern and central Ontario, Canada. Photo: courtesy of FreeDigitalPhotos.net