Starwood Energy, a private investment firm focused on energy infrastructure projects, has said that its affiliate, Starwood SSM2 Canada, has reached financial close on a 30MW solar photovoltaic (PV) project in the City of Sault Ste Marie, Ontario.
The project follows on the heels of Starwood Energy’s 20MW Starwood SSM1 solar plant, which closed financing in December 2009 and is scheduled to be completed in near future.
Starwood SSM2, which will consist of three 10MW solar PV power generation projects, is contracted under the Renewable Energy Standard Offer Program developed and overseen by the Ontario Power Authority and will connect to local utility PUC Distribution.
The project construction financing and long-term loan facility is being provided by Norddeutsche Landesbank Girozentrale and KfW IPEX-Bank.
Q-Cells North America, a solar PV company, will construct the project on a turn-key basis and provide operations and maintenance services post-completion.
Starwood Energy’s affiliate acquired the project in June 2010 from Pod Generating, a developer of community-scale solar power generating facilities.
Equity financing for Starwood SSM2 will be provided by Starwood Energy Infrastructure Fund and its affiliates.