Panasonic, Coronal acquire 6-MW solar project in Canada

Oct 7, 2014 - US alternative energy firm Coronal Group LLC and Panasonic Eco Solutions Canada Inc today unveiled their joint acquisition of the 6-MW Balsam Lake solar project in Ontario.

Balsam Lake is a ground-mounted solar scheme located in the city of Kawartha Lakes. Its construction has already begun and the plant is expected to be commissioned next year. Once completed, it will have the capacity to generate enough electricity per year for about 550 households. The solar park is part of the Ontario Power Authority’s feed-in tariff (FiT) programme.

The pair bought the project from Toronto-based renewable energy firm Balsam Lake Green Energy for a non-specified price.

The Eco Solutions segment of Panasonic Enterprise Solutions Co, part of Japan's Panasonic (TYO:6752), and Coronal previously teamed up to jointly develop, build and operate solar parks in the US and Puerto Rico. Just recently, the partners announced they had completed nine solar projects in California with a combined capacity of 16.2 MW. Today, Coronal’s CEO Jonathan Jaffrey said in a statement that the two companies plan to open an office in Canada to support local projects.

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