Starwood Energy completes 69 Megawatt solar project in Sault Ste. Marie, Ontario

By Editor


Starwood Energy completes 69 Megawatt solar project in Sault Ste. Marie, Ontario

Greentech Lead America:Starwood Energy, a private investment firm focused on
energy infrastructure projects, has completed the final phase of its 69 MW
solar PV project located in Sault Ste. Marie, Ontario. Q.CELLS North America
was the engineering, procurement and construction contractor for all three
phases of the project.

The Project consists of more than 300,000 Q.CELLS Q.BASE
modules across three sites. All three phases are contracted for 20 years under
the Renewable Energy Standard Offer Program developed by the Ontario Power

“With our unrivaled expertise in solar energy system
design and construction, our dedication to quality and our global network of
partners, Q.CELLS is ideally positioned to offer customers a sustainable return
on their investments in solar energy,” said Boris Schubert, CEO of Q.CELLS
North America.

Construction financing and long-term debt for the Project
was provided by Norddeutsche Landesbank Girozentrale and KfW IPEX-Bank.

“Starwood Energy is very proud to have completed
this important project on-time and under-budget with the help of our two
top-notch partners, Q.CELLS and NORD/LB. This project represents the
culmination of more than two years of hard work from this team. We remain
committed to making future investments in this sector,” said Himanshu Saxena,
senior vice president of Starwood Energy.

The Project reached substantial completion of
construction on the first 24MW phase in October 2010, the second 34MW phase in
September 2011, and the final 11MW phase in December 2011.

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