Canada's Switch selling its half of 75-MW solar partnership in Alberta

Solar plant. Author: Darin Dingler. License: Creative Commons. Attribution 2.0 Generic

March 17 (Renewables Now) - Canadian independent power producer (IPP) Switch Power Corporation has agreed to sell its 50% stake in a vehicle that owns four solar PV projects with a combined capacity of 75 MW (AC) in Alberta, Canada.

Switch said on Wednesday that it had entered into a definitive agreement with Solarnet Investment Canada Ltd, a unit of Germany's Goldbeck Solar Group, to sell its half in PACE Canada LP. Financial terms were not disclosed, with Switch only saying the amount represents a meaningful return on development spend.

PACE Canada was established as an equal partnership between Switch and UK developer Pathfinder Clean Energy. The two have been developing the four solar projects, named Joffre, Youngstown, Hanna and Caroline, since 2018.

The Joffre and Youngstown projects recently obtained Alberta Utilities Commission power plant approval. Procurement and construction are expected to start in spring 2022, Switch said.

Pathfinder will retain its 50% stake in PACE Canada and advance the development of the projects with Solarnet going forward.

“While the four solar projects have attractive fundamentals, greenfield project development is not part of SWITCH’s electricity-as-a-service strategy. In addition, current market conditions have provided opportunities for developers to monetize advanced development projects,” the IPP said in its press release.

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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