EDF EN Canada has reached commercial operation and closed financing for the 23.4MW Arnprior Solar Project. This announcement marks the achievement of another of North America’s largest solar PV projects. The site is located on the western side of the City of Ottawa, Ontario and consists of 312,000 First Solar thin-film panels. The plant is expected to generate enough renewable energy to meet the peak demands of approximately 7,000 Ontario homes.
EDF EN Canada developed the project on two adjacent properties as part of the province’s Renewable Energy Standard Offer Program, which provides a generous feed-in tariff of €0.2821/kWh for ground-mounted systems of or over 10MW for a period of 20 years.
Tristan Grimbert, president and CEO of EDF EN Canada and all EDF EN affiliates in North America, said, “Arnprior proves the unique abilities of EDF EN Canada to commercialize a flagship solar PV project in a matter of a few months. Our relationship lenders once again have demonstrated their support of our efforts and renewable energy. We look forward to applying our resources, experience and partnership capabilities to the FIT ground mount and rooftop development in 2010 and beyond.”
EDF EN Canada has also executed term financing agreements with Dexia and Union Bank, N.A for the project.
“It has been our pleasure to support EDF EN over the years, and particularly with this project,” said Lance Markowitz, senior vice president at Union Bank and manager of leasing and asset finance. “We are particularly excited to have played a key role in the financing of the Arnprior Solar Project as it extends EDF EN’s leadership in the renewable energy industry to the Canadian solar market.”
Alban de La Selle, managing director and head of Dexia Credit Local Canada Branch added, “Dexia is very pleased to take this opportunity to further evidence its commitment to finance the solar energy sector, where the bank has long been a pioneer in Europe. The Arnprior Solar Project will certainly be a landmark in the growing solar industry in Ontario, and we hope it will blaze the trail for many others under an appropriately tailored FIT program, and hopefully for other Canadian provinces.”