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.
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.