Jan 12 2011
Plutonic Power Corporation and GE Energy Financial Services, a unit of GE, have entered into an accord to buy 50 MW AC solar photovoltaic power generation facilities from First Solar.
The proposed power generation facilities such as Walpole (20 MW), Belmont (20 MW) and Amherstburg (10 MW) to be located in Ontario will allow Plutonic to expand and augment its solar power production in Ontario.
Plutonic Power is anticipated to invest around C$6 million as its contribution towards the equity of the project and will assume the role of a managing partner. First Solar is arranging the required finances for the project on behalf of GE Energy Financial Services and Plutonic, The finance is expected to be made available before the close of the financial year, which concurs with the commercial production of the project. First Solar will develop the facility and continue to provide engineering, procurement and construction (EPC) services for the project. First Solar has entered into a long-term contract to offer management and maintenance services for the project. The project is anticipated to receive approval from Renewable Energy division of the Province in spring of 2011 and expect beginning the construction by the middle of 2011.
The proposed project is anticipated to generate around 600 construction jobs in the region and provide revenue in the form of taxes to the government while bringing in economic growth to the local businesses of the region. The power generated from the facility will be connected to the grid of Ontario Power Authority for further disposal. The energy generated from the solar farm is enough to provide electric power to around 6,300 houses in the region. The clean power produced by the facility can offset 14,600 tons of carbon dioxide discharges every year, which can be equated to removing around 3,700 cars off the road from operations every year.