Project|September 17, 2010
Starwood Energy announces financial close on a 30 MW solar project
Torys acted as counsel to Starwood Energy with a team that included Philip Symmonds, Valerie Helbronner, Scott Kraag, Ashley Nicol, Luke Crosby, Will Hooper, Don Roger and Brandi Tye (Real Estate), Corrado Cardarelli and Andrew Wong (tax) and Michael Fortier (Environmental).
On September 17, 2010, Starwood SSM2 Canada Inc. (Starwood) reached financial close on a 30 MW AC solar photovoltaic project situated in the City of Sault Ste. Marie, Ontario. Starwood acquired the 30 MW project from Pod Generating Group in June 2010.
This is the second major solar energy investment in Ontario for Starwood and follows Starwood's 20 MW AC Starwood SSM1 solar plant, which closed financing in December 2009 and is scheduled to be completed in near future.
Starwood SSM2, which will consist of three 10 MW AC solar photovoltaic power generation projects, is contracted under the Ontario Power Authority's Renewable Energy Standard Offer Program and will connect to local utility PUC Distribution, Inc. The project, when complete, will be among the largest of its kind in North America.
The project construction financing and long-term loan facility is being provided by Nord/LB and KfW IPEX-Bank.
Q-Cells North America, one of the world's largest photovoltaic companies, will construct the project on a turn-key basis and provide operations and maintenance services post-completion.
Starwood is a subsidiary of Starwood Energy Group Global, LLC, a U.S. private equity firm that specializes in energy infrastructure investments.
Further information is found on Canada Newswire's website.
This is the second major solar energy investment in Ontario for Starwood and follows Starwood's 20 MW AC Starwood SSM1 solar plant, which closed financing in December 2009 and is scheduled to be completed in near future.
Starwood SSM2, which will consist of three 10 MW AC solar photovoltaic power generation projects, is contracted under the Ontario Power Authority's Renewable Energy Standard Offer Program and will connect to local utility PUC Distribution, Inc. The project, when complete, will be among the largest of its kind in North America.
The project construction financing and long-term loan facility is being provided by Nord/LB and KfW IPEX-Bank.
Q-Cells North America, one of the world's largest photovoltaic companies, will construct the project on a turn-key basis and provide operations and maintenance services post-completion.
Starwood is a subsidiary of Starwood Energy Group Global, LLC, a U.S. private equity firm that specializes in energy infrastructure investments.
Further information is found on Canada Newswire's website.