Solar Power Partners and JCM Capital have joined forced for the creation of a fund that will develop, finance, own and operate 200MW of Ontario-based solar projects. Although the amount of the dedicated fund was undisclosed, the two companies have already started 20MW of projects, which will begin construction in 2011.
Roy Schwartz, Solar Power Partners’ vice president of project development for Canada, cited the two companies’ backgrounds in solar projects and financial transactions as indicators for a successful venture. “Financing can be a bottleneck for projects, so it’s key to work with companies that understand technical aspects, ensure building and land safety, and have project funding available.”
The fund will concentrate on large commercial and industrial building installations throughout Ontario and will take advantage of the feed-in-tariff program and power purchase agreements with the Ontario Power Authority. Not only will the newly established fund seek to build solar projects, but will also be looking for projects that will start construction during 2011.
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