Canada's EHT raises USD 3.4m gross to back 46-MW solar buy

Dec 15, 2014 - EnerDynamic Hybrid Technologies Corp (CVE:EHT) has raised about CAD 4 million (USD 3.4m/EUR 2.8m) gross from a stock sale to support its purchase of up to 46 MW of rooftop solar projects in Ontario.

The Canadian energy solutions firm said in a statement today it has closed, in tranches, a brokered private placement of 5.05 million shares at a price of CAD 0.80 apiece. Kingsdale Capital Markets Inc has served as agent for the transaction.

In early November, EHT said it had struck an agreement to buy 176 rooftop solar photovoltaic (PV) projects in the province of Ontario from Reliant First Nation Limited Partnership for an undisclosed amount. It will use the money from the stock sale to finance the transaction.

These projects were awarded 20-year contracts under the Ontario feed-in-tariff (FiT) programme and their output will be sold at a fixed rate of CAD 0.329 per kWh. The installations will feature panels and inverters made locally by EHT. They will be completed in three years, with construction work scheduled to begin next month.

(CAD 1.0 = USD 0.863/EUR 0.694)

Choose your newsletter by Renewables Now. Join for free!