Starwood Energy Infrastructure Fund, a dedicated energy fund managed by private equity firm Starwood Energy Group, has launched the development of a 20 megawatt photovoltaic solar farm in Sault Saint Marie, Ontario.
The plant will be funded with a combination of bank debt, arranged by German project finance bank Norddeutsche Landesbank Girozentrale (Nord/LB) and equity from Starwood’s Starwood Energy Infrastructure Fund, which manages $433 million in total equity commitments. German PV maker Q-Cells will supply the panels.
Starwood SSM1, Starwood’s Canadian fund, acquired the project from Pod Generating Group, a developer of community-scale solar power projects.
In a prepared statement Starwood Energy CEO Bradford Nordholm said:
We are focused on making investments in renewable energy and are looking forward to working with local developers to make further investments in solar power generation projects in Ontario and throughout North America.
The whole output for the 20 megawatt facility is backed by a 20-year power purchase agreement administered by the province of Ontario’s Renewable Energy Standard Offer Program.