The purchase and installation of this system will be financed by AWSL and its funding partners. Upon issuance of the Ontario Power Authority’s (OPA’s) Power Purchase Agreement (PPA), this rooftop solar system is expected to generate a 20 year revenue stream under contract, representing approximately $6m under the province’s Feed In Tariff (FIT) program.
Brent O’Connor, Geneva Bancorp investor relations director for AWSL, said: “Today’s update not only represents the advancement of another project from AWSL’s extensive pipeline, but perhaps most notable – represents the first project to have entered into its final pre construction stage, which was introduced and processed by one of North America’s largest commercial real estate brokerage firms.
“This process included overseeing pre feasibility studies, structural engineering reports, proposals, rooftop assessments, long term lease agreements financing, insurance and finally the submission to the OPA for the power purchase agreement. Construction on this project and others is expected to commence immediately upon FIT contract approval.”
