First Solar, Inc., Tempe, Ariz., sold a collection of three solar projects in Ontario, Canada, totaling 50MW to an investment partnership led by GE Energy Financial Services and Alterra Power. Terms were not disclosed.
This is the first project transaction between First Solar and GE since their solar technology and commercial partnership was announced Aug. 6. GE Energy Financial Services owns the majority of the ABW Partnership, which was formed in 2011. Alterra Power Corp. made an equity contribution and will serve as the projects' managing partner.
First Solar completed construction of the power plants — Amherstburg (10MW), Belmont (20MW) and Walpole (20MW) — and has commissioned and energized them so they are providing power to the grid. First Solar will provide operations and maintenance services under long-term contracts. Output of the power plants will be sold to Ontario Power Authority under its Renewable Energy Standard Offer Program (RESOP), with 20-year power purchase agreements.
GE Energy Financial Services said the Ontario projects contribute to its cumulative 1GW, $1.5-billion solar investment portfolio, comprising 50 installations, including several with First Solar in North America and Australia.
“Our Ontario investments deepen our longstanding relationship with First Solar and illustrate our interest in acquiring solar power projects at various stages of development and construction,” said Mark Tonner, managing director and Canada business leader at GE Energy Financial Services. “Through a variety of equity and lease arrangements, we help developers monetize their own investments.”
Earlier this month, First Solar and GE announced that First Solar had acquired GE’s solar technology intellectual property and that the two companies had entered into a collaborative commercial partnership.