Fiera Axium snaps up 42 MW of solar capacity in Ontario

Jul 18, 2013 - Fiera Axium Infrastructure Canada II LP said on Wednesday it had wrapped up the acquisition of 42 MW of solar projects in the Canadian province of Ontario from Ontario Solar PV Fields Inc.

As part of the transaction, the infrastructure fund, owned by Canadian investor Fiera Axium Infrastructure Inc, has taken possession of four photovoltaic (PV) projects in the Ontario townships of Ramore, Hearst, Kapuskasing and Wainwright. The seller is a joint venture of German solar firm Q-Cells SE and French solar panels maker Photowatt, part of electricity group EDF (EPA:EDF).

Fiera Axium will partly finance the acquisition through a CAD-175-million (USD 168m/EUR 128m) senior debt funding extended from a group of three lenders.

The solar parks will be built by Hanwha Q-Cells Canada, a unit of South Korean Hanwha Group, with construction works to be finished in the second quarter of next year. When up and running the PV plants will generate up to 50 GWh of power annually, enough to supply about 5,000 local homes. They will operate under 20-year power purchase agreements (PPAs) under Ontario's feed-in tariff scheme.

(CAD 1.0 = USD 0.961/EUR 0.732)

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