Hydropower, Solar

Nord/LB Closes Financing on 9-MW Solar Project

Nord/LB announced that it closed financing on 9 megawatts (MW) of a combined 19 MW of solar power projects being developed via a joint venture between SunEdison and SkyPower Corp. The 19 MW of solar projects are set to be complelted by the end of 2009.

The 9-MW First Light project, is being built on approximately 178 acres of land in Lennox & Addington County, Ontario, Canada. The remaining 10 MW of solar projects are being developed throughout Ontario. The power generated from all 19 MW of projects will be distributed through the Hydro One utility under a 20-year power purchase agreement.

In 2006 the Government of Ontario, in concert with the Ontario Power Authority, launched its Renewable Energy Standard Offer Program that provides a platform for stimulating investment and job creation in the renewable energy sector. First Light is the first solar project under this program that has been project financed.