Grid Cloud Solutions has signed an option agreement to acquire a 10MW ground mounted photovoltaic solar project from a Caandian based renewable energy developer.

The solar facility will be built on an area of 100 acres, and was recently awarded a power purchase agreement from the Ontario Power Authority (OPA), under the terms and conditions of the province’s Feed-In-Tariff program.

As per the agreement and upon completion of due diligence, Grid Cloud will finance the construction of the solar plant, and own the asset.

The energy will be sold to the OPA for the next twenty years, at a secured rate of 42.3 cents per kWh for topline revenues in excess of $150m over the life of the project, the company said.

Grid Cloud is a service company that supports the renewable energy sector by providing a variety of business and technological solutions including: financing, business development, security and monitoring services.