Published on: 2/15/2013 2:52:36 PM Print | Font Sizes:  Normal Text Large Text

Starwood sells Sault solar projects

By: Northern Ontario Business staff

Starwood Energy Group has sold its three solar photovoltaic projects located in Sault Ste. Marie to an investment vehicle of KKR’s Global Infrastructure Fund.

KKR is a global investment firm. Terms of the contract were not disclosed.

"We are very pleased to have reached this important milestone in the life of these projects," Starwood CEO Bradford Nordholm said in a news release. "The sale of these projects is the natural culmination of Starwood Energy's ownership throughout the development phase, construction phase and the operations phase of these projects. This is a successful outcome for Starwood Energy and our investors."

The Sault Ste. Marie projects comprise one of the largest solar PV facilities in North America and were constructed in three phases between 2010 and 2011. They are fully contracted under power purchase agreements with the Ontario Power Authority (OPA) under its Renewable Energy Standard Offer Program, which offers a fixed rate for electricity over a 20-year term.

Operations and maintenance services for the Sault projects will continue to be provided by EDF Renewable Energy. Nautilus Solar Energy, a New Jersey-based solar company majority-owned by an investment affiliate of Starwood Energy, will continue to provide asset management services to the projects.

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