Starwood Energy Closes Financing for Final 10 Megawatt Phase of 60 Megawatt Solar Project in Sault Ste. Marie
June 29, 2011
GREENWICH, Conn., June 29, 2011 /PRNewswire/ -- Starwood Energy Group Global, LLC ("Starwood Energy"), a private investment firm focused on energy infrastructure projects, today announced that its affiliate, Starwood SSM3 Canada, L.P., has reached financial close on a 10 megawatt (MW) AC solar photovoltaic project in the City of Sault Ste. Marie, Ontario ("Starwood SSM3"). The project builds on the success of Starwood SSM1, a 20MW AC project that came online in October 2010, and Starwood SSM2, a 30MW AC project expected to be completed during Q3 2011.
Starwood SSM3 is contracted under the Renewable Energy Standard Offer Program ("RESOP") developed and overseen by the Ontario Power Authority ("OPA") and will connect to local utility PUC Distribution, Inc. The combined 60MW AC project, when complete, will be the second largest in North America and among the largest in the world.
The project construction financing and long-term loan facility is being provided by Norddeutsche Landesbank Girozentrale ("Nord/LB"), a global leader in renewable energy project finance.
The North American subsidiary of Q-Cells SE ("Q-Cells"), 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. In conjunction with closing, Q-Cells has been issued a full notice to proceed with construction activities.
Equity financing for Starwood SSM3 will be provided by Starwood Energy Infrastructure Fund, L.P. (the "Fund") and its affiliates. Nautilus Solar Energy ("Nautilus"), which is majority owned by the Fund and its affiliates, will also serve as asset manager for the project.
Local jobs will be created for engineering, construction and ongoing management, operations, and maintenance of the facility, which is scheduled to be operational by the end of 2011. Starwood SSM3, once built, will provide power for up to 4,000 Ontario homes, generating its power during the middle of the day, a time of highest demand on the local power grid. The facility will also reduce yearly carbon emissions by an amount equivalent to displacing 1,900 cars and light trucks each driving 12,000 miles per year or to planting more than eight million trees in Ontario's forests.
"This closing represents the culmination of more than two years of development work on the three Sault Ste. Marie projects during challenging economic conditions. We are very appreciative of the support we have received from various local and provincial authorities," said Bradford Nordholm, CEO of Starwood Energy.
"We are grateful to Q-Cells and Nord/LB for their continued hard work on these projects. We look forward to pursuing similar investments in the Ontario renewable energy sector in the near future and applaud the strong community and provincial support towards realizing a new green energy economy in Ontario," said Himanshu Saxena, Senior Vice President of Starwood Energy.
Nord/LB, lead lender on both the Starwood SSM1 and Starwood SSM2 projects, have further demonstrated their commitment to renewable energy and, more specifically, to solar energy.
Nicolai Dillow, a Managing Director at Nord/LB Americas, commented, "Our investment in Starwood SSM3 marks the natural progression in our relationship with Starwood, and is a testament to Ontario's continued success in attracting foreign investment. It is our hope that we will be able to continue working with the province and our client so as to leverage off of our combined experience and together continue supporting Ontario in its efforts to implement its ambitious renewables agenda."
"Our winning partnership with Starwood in Sault Ste. Marie exemplifies Q-Cells' unique offering in blending its best-of-world technology and processes with local partnerships for the utility-scale market," said Marc van Gerven, CEO of Q-Cells North America. "We look forward to rolling out our market strategy and offering for the commercial and residential markets with the same rate of success."
Link: www.prnewswire.com/news-releases/starwood-energy-clos…
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