Solar Power Partners, JCM Capital set up fund for Canadian solar projects
(ADPnews) - Dec 8, 2010 - US-based Solar Power Partners Inc, or SPP, and Canadian JCM Capital said on Monday they had established a fund to develop, finance and operate 200 MW of solar power projects in the province of Ontario.
The fund will target solar installations on large industrial and commercial building in the province that would sell the produced power to the Ontario Power Authority under the local feed-in-tariffs. Apart from new projects, it will also look for developments that commence construction in 2011. The companies have already started developing 20 MW of projects to kick off construction in 2011.
According to JCM Capital's managing director -- Christian Wray -- the fund will provide significant capital and experience to the Ontario solar sector, where currently there is plenitude of projects but financing is scarce.
"Financing can be a bottleneck for projects, so it’s key to work with companies that understand technical aspects, ensure building and land safety, and have project funding available," said Roy Schwartz, vice president of project development for Canada at Solar Power Partners.
Only two weeks ago, Ontario presented its Long-Term Energy Plan under which the province will invest CAD 87 billion (USD 86.5bn/EUR 65.2bn) in nuclear, wind, solar, hydro and biomass power over the next 20 years. Of the total amount, CAD 9 billion will be spent on new solar capacity. One of the plan's major goals is the elimination of all coal-fired power plants by 2014, while renewable energy capacity in the province is planned to reach 10,700 MW by 2018.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.