MILL VALLEY, Calif.--(BUSINESS WIRE)--Solar Power Partners (SPP) and JCM Capital jointly announced today that they have signed an agreement with Solar Power Network (SPN), to provide full project financing for up to 20 MW of commercial-scale rooftop installations to be located throughout southwestern Ontario.
The agreement follows the recent Solar Power Partners - JCM Capital announcement on the launch of their Fund to develop, finance, own, and operate 200 MW of solar projects, in Ontario, bringing the current Fund volume to 50 MW. SPP and JCM have already initiated 20 MW of projects that will start construction in 2011. The Fund focuses on the installation of solar projects on large commercial and industrial buildings across Ontario, utilizing the province's Feed-in-Tariff program via solar Power Purchase Agreements (PPA) with the Ontario Power Authority.
Managing Director of JCM Capital, Christian Wray, stated that this agreement will supply another group of high-quality projects to the Fund. “This is an exciting transaction for us as we're working with a highly experienced local partner to bring more clean energy to Ontario’s grid, leveraging Windsor region's solar resources, regarded as some of the best in the province.”
“This investment vehicle will help develop a network of clean electricity created through solar power installations in industrial areas right where the highest usage of energy exists,” said Peter Goodman, CEO of SPN. “This solution will not only benefit Ontarians by offsetting consumption from traditional energy sources, but it also integrates more efficiently into an established utility grid with systems that can be built faster than a centralized approach, meaning local businesses can access clean energy sooner.”
“SPP is excited to continue the execution of our plan in Ontario, and the integration of SPN's projects to the SPP-JCM Capital Solar Fund is a great addition for us and for Ontario,” said Todd Michaels, Senior Vice President of Project Development for Solar Power Partners.
In addition to future projects, the Fund seeks to identify projects that can start construction in 2011. Visit www.solarpowerpartners.com/OntarioFund for more information.
About Solar Power Partners (SPP)
One of America’s premier independent solar power producers, Solar Power Partners, Inc. (SPP) develops, owns, and operates distributed solar energy facilities (SEFs) and sells solar-generated electricity through solar Power Purchase Agreements.
About JCM Capital (JCM)
JCM Capital is a financial advisory company that focuses exclusively on financing solar energy projects in Ontario, Canada. JCM Capital provides development capital, equity for ‘construction-ready’ and operational solar projects. JCM Capital works with developers to assist them with their financing strategy and needs. Current portfolios include rooftop and ground- mounted projects spanning from Southwestern to Eastern Ontario.
About Solar Power Network (SPN)
Based in Ontario, Solar Power Network (SPN) specializes in generating clean energy through proven solar technologies. SPN partners with large and medium-sized businesses in a variety of industries, leasing and converting idle roof-tops into solar power generation spaces with minimal risk and structural impact. The SPN team boasts extensive experience working with infrastructure sites on leased rooftop spaces across Canada and includes among its staff, leading industry engineers and professionals with a strong history in the solar energy market.