Greentech Lead America: Northland Power has closed
financing for the first phase of its 130 MW ground-mount program. The first
phase of the project consists of six solar projects, totaling 60 MW, and is
located in eastern and central Ontario.
Northland has secured a $227 million construction credit
facility with an 18-year term loan from Union Bank Canada Branch, Mizuho
Corporate Bank, and CIT Financial. The total project costs are budgeted at $285
Northland contracted with Miwel Construction, a wholly-owned
subsidiary of Aecon Group, for the construction of the project. The project is
under construction now and commercial operations are expected to begin in 2013.
The electricity generated by the project will be sold
under Ontario’s renewable energy Feed-in-Tariff (FIT) program. The project will
utilize Ontario-made equipment and local Ontario labour.
“Once completed, these facilities will contribute
clean solar power to Ontario’s grid. We would like to take this opportunity to
acknowledge the strong support we have received throughout the development
process, from the Ontario Power Authority, the government of Ontario, and
especially, the local municipalities and residents,” said John Brace,
president and CEO of Northland.
Northland is continuing with the permitting process for
its remaining seven projects, totalling 70 MW, which have received power
purchase agreements (PPAs) under Ontario’s FIT program.