Innergex Renewable Energy has bought the issued and outstanding shares of Enfinity’s 27MW (AC) Stardale PV Solar Project, which is being built in Ontario, Canada. The solar project is being constructed on two pieces of land in East-Hawkesbury, which combined totals 300 acres, and has an anticipated electric output of 39GWh. The installation will be developed with a ground-mounted PV system utilizing 144,060 SolarWorld SW 230 polycrystalline PV modules and 54 inverters. The Stardale project broke ground in November 2010 and should be completed by 2012’s first quarter.
Innergex estimates that its first solar project will have an EBITDA of CAN$15 million during its first year in operation. The total development costs, after adjustments, will be around CAN$140 million, which includes a CAN$11.1 million consideration to be paid under the share purchase agreement and the estimated CAN$118.9 million for engineering, procurement and construction services (EPC).
Enfinity will act as the EPC contractor for the Stardale project and additionally will oversee the projects operations and maintenance under a fixed price long-term contract. The energy produced by the solar project will be sold according to three contracts under the Renewable Energy Standard Offer Program Contracts (RESOP Contracts) with the Ontario Power Authority. Under the RESOP Contracts, the fixed electricity rate is CAN$420 per MWh with the contracts having a 20-year term that begins upon Stardale’s first commercial operation date.