First Solar sells 50MW Canadian portfolio to Plutonic Power, GE Energy Financial Services

Facebook
Twitter
LinkedIn
Reddit
Email

Plutonic Power and GE Energy Financial Services have agreed to buy three of First Solar’s power plants in Ontario, Canada. Permitting for the projects, which have a combined capacity of 50MW, is expected to take place this spring and construction scheduled to start in June.

Despite selling the portfolio, First Solar has agreed to long-term contracts to supply engineering, procurement, construction and operation services for the 10MW Amherstburg, 20MW Belmont and 20MW Walpole facilities. The electricity generated by the three sites will be will be sold to the Ontario Power Authority under a 20-year energy-purchase agreement and connected to the province's distribution grid at five points.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

“Expanding into both a new market and a new technology represents significant growth for Plutonic,” said Donald McInnes, vice chairman and CEO of Plutonic Power. “Our solid relationship with GE Energy Financial Services enabled this expansion into our third joint near-term operating asset.”

“This transaction is GE Energy Financial Services' first solar investment in Canada, broadening our US$6 billion renewable energy portfolio and supporting our strong partnership with Plutonic,” said Mark Tonner, GE’s managing director. “We see significant growth potential for solar power worldwide, which continues to improve on technology costs and efficiencies.”

Plutonic Power is expected to make an equity contribution of around CAN$6 million towards the project and will also take on the role of senior partner in the agreement; debt financing will be coordinated by First Solar and is expected to be in place at financial close.

Read Next

September 12, 2025
Colombian energy supplier Celsia is seeking more than US$1.2 billion in investment to build wind and solar generation projects in Peru. 
September 12, 2025
German trade association BSW-Solar has called the German government for a simplified, standardised and more digitalised grid access for solar PV and energy storage operators.
September 12, 2025
ACME Venus Urja has secured INR3.8 billion (US$43 million) to develop and construct a solar-plus-storage project in Barmer, Rajasthan.
Premium
September 12, 2025
Vote Solar's Sean Garren tells PV Tech Premium that Georgia Power's latest IRP is 'skewed so heavily towards fossil fuels'.
September 11, 2025
Founder Group has won a RM10 million (US$2.3 million) engineering, procurement, construction and commissioning contract for a 30MW solar plant in Malaysia.
September 11, 2025
German renewable energy developer ib vogt has signed a 70MW solar PV virtual power purchase agreement (vPPA) in Romania.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines