Grid Cloud Solutions has entered into an option agreement to buy a 10MW ground-mounted solar photovoltaic project in Ontario from a Canadian renewable energy developer.

Under the terms of the agreement, and upon completion of due diligence, the company will finance the construction of the power project and own it.

Electricity generated by the solar project will be sold to the Ontario Power Authority for the next 20 years, at a secured rate of 42.3 cents per kWh for topline revenues in excess of $150m over the life of the project.

Grid Cloud was formed as a service firm and provides a variety of business and technological solutions to the wind, solar, biomass, geothermal, hydroelectricity and biofuel industries.