Penn Energy closes finance on 37MW of Ontario solar

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Penn Energy Renewables has closed financing on three solar farms totalling 37MW in Ontario.

The projects will all sell their electricity to the Ontario Power Authority (OPA) under 20-year Power Purchase Agreements (PPAs). They will also participate in the state’s feed-in tariff programme.

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Rabobank is providing separate term and construction facilities for each of the three projects. The total value of the three arrangements is CA$125 million.

The trio – Roseplain, in the township of Uxbridge, Brantgate in the township of Burford and Ridgefield in the City of Kawartha Lakes – add to Penn’s approximate 100MW portfolio of solar farms.

Last month the OPA extended the FiT for project 10-500kW by another 100MW.

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