Transaction|February 15, 2013
Starwood Energy Group announces the sale of Sault Ste. Marie Solar Projects
Torys acted as counsel to Starwood Energy with a team that included Philip Symmonds, David Seville, Scott Kraag, Paul Budovitch, David Leith (corporate/securities), Don Roger (real estate), Corrado Cardarelli and Andrew Wong (tax).
On February 15, 2013 Starwood Energy Group Global, L.L.C. ("Starwood Energy") announced today that its investment affiliates have sold three solar photovoltaic ("PV") projects located in Sault Ste. Marie, Ontario with a combined capacity of approximately 69 MWDC (the "SSM Projects") to an investment vehicle formed by KKR's Global Infrastructure Fund. The terms of the transaction were not disclosed.
The SSM Projects comprise one of the largest solar PV facilities in North America and were constructed in three phases between 2010 and 2011. The SSM Projects are fully contracted under power purchase agreements with the Ontario Power Authority ("OPA"). The contracts are part of the OPA's Renewable Energy Standard Offer Program.
Operations and maintenance services for the SSM Projects will continue to be provided by EDF Renewable Energy. Nautilus Solar Energy, a New Jersey-based solar company majority-owned by an investment affiliate of Starwood Energy, will continue to provide asset management services to the SSM Projects.
Starwood Energy is a private equity investment firm based in Greenwich, CT that specializes in energy infrastructure investments, managing total equity commitments of approximately $1.2 billion.
Further information can be found on Reuters's website.
The SSM Projects comprise one of the largest solar PV facilities in North America and were constructed in three phases between 2010 and 2011. The SSM Projects are fully contracted under power purchase agreements with the Ontario Power Authority ("OPA"). The contracts are part of the OPA's Renewable Energy Standard Offer Program.
Operations and maintenance services for the SSM Projects will continue to be provided by EDF Renewable Energy. Nautilus Solar Energy, a New Jersey-based solar company majority-owned by an investment affiliate of Starwood Energy, will continue to provide asset management services to the SSM Projects.
Starwood Energy is a private equity investment firm based in Greenwich, CT that specializes in energy infrastructure investments, managing total equity commitments of approximately $1.2 billion.
Further information can be found on Reuters's website.