Financing has been secured for the third phase of the Starwood solar energy project in Sault Ste. Marie.
Starwood Energy SSM3 Canada LP announced it reached financial close on a 10 MW AC solar photovoltaic project, the third phase of a 60 MW project being developed by its affiliate company Starwood Energy Group Global, LLC.
Previous stages of the project include a 20 MW project that came online in October 2010 and a 30 MW project, which is expected to be completed this summer.
Financing will be provided by Norddeutsche Landesbank Girozentrale, a German bank headquartered in Hannover.
“This closing represents the culmination of more than two years of development work on the three Sault Ste. Marie projects during challenging economic conditions,” Starwood Energy CEO Bradford Nordholm said in a news release. “We are very appreciative of the support we have received from various local and provincial authorities.”
The third phase of the project is expected to provide power for up to 4,000 Ontario homes, while creating local jobs during the engineering and construction phases, as well as ongoing management, operations, and maintenance of the facility, which is scheduled to be operational by the end of 2011.
When complete, the combined 60 MW project will be the second largest in North America, according to Starwood.
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