SunEdison LLC of Baltimore and SkyPower Corp. of Toronto are teaming up for a joint venture that plans to develop, build, own and operate up to 50 megawatts of solar PV farms across Ontario, obviously to take advantage of the province’s standard offer program that pays 42 cents per kilowatt-hour for solar. I knew it was only a matter of time before some clever finance people crunched the numbers and figured they could make a business out of solar in Ontario. Considering the largest solar PV installation we have in Canada is only 100 kilowatts (likely to grow to 2 MW), this 50 MW commitment from SunEdison/SkyPower is a huge deal and could spark more activity.
“Construction of these solar photovoltaic farms in Canada will drive immediate new job growth while generating carbon free renewable energy. Common in the European market, only recently have solar photovoltaic farms begun to see broader adoption in North America,” the companies said in a statement. “Under the turn-key services model, SunEdison finances, installs, owns and operates photovoltaic power plants at the customer premise. SunEdison’s turn-key services model has been adopted by leading commercial, government and utility customers such as Staples, the State of California and Xcel Energy.”
The companies added: “Once the Ontario government’s standard offer contracts are implemented, the joint venture will be announcing the location of its first facility.”
This is a big day for solar in Ontario. Exciting times…