Building upon its success with its 20MW Starwood SSM1, completed in October 2010, and the 30MW Starwood SSM2, expected to be completed during 2011’s third quarter, Starwood Energy Group Global has finalized the financing for the final 10MW of its Starwood SSM3 solar project. The combined 60MW project in Sault Ste. Marie, Ontario is contracted under the Renewable Energy Standard Offer Program with its development overseen by the Ontario Power Authority. The project will be connected to the local PUC Distribution grid and is said to be the second largest solar project in North America.
Construction financing and long-term loan facilities for the 10MW Starwood SSM3 project were provided by Norddeutsche Landesbank Girozentrale (Nord/LB) with equity financing offered by the Starwood Energy Infrastructure Fund and Nautilus Solar Energy.
“This closing represents the culmination of more than two years of development work on the three Sault Ste. Marie projects during challenging economic conditions. We are very appreciative of the support we have received from various local and provincial authorities,” said Bradford Nordholm, CEO of Starwood Energy.
Scheduled to be operational by the end of this year, Q-Cells has signed on to construct the 10MW turnkey project and supply operation and maintenance services once completed. The company has been granted a full notice to proceed with construction on the project.