Starwood Energy Group’s investment affiliates have divested three solar photovoltaic (PV) projects in Sault Ste. Marie (SSM), Ontario, to an investment firm, created by KKR’s Global Infrastructure Fund, for an undisclosed amount.
The three projects have a combined capacity of 69MW DC power and are one of the largest solar PV facilities in North America.
Constructed in three phases between 2010 and 2011, the projects are under a 20-year power purchase agreement with the Ontario Power Authority (OPA) as part of the Renewable Energy Standard Offer Program.
Starwood Energy CEO Bradford Nordholm stated, “The sale of these projects is the natural culmination of Starwood Energy’s ownership throughout the development phase, construction phase and the operations phase of these projects.”
Starwood Energy managing director Himanshu Saxena noted that over the past several years, the company has worked diligently with its partners on each phase of the SSM projects and this transaction represents the culmination of four years of development, construction and investment management work.
“The SSM Projects will continue to be a valuable piece of Ontario’s energy infrastructure for many years,” Saxena added.
EDF Renewable Energy will continue to provide operations and maintenance services for the projects. Meanwhile, Nautilus Solar Energy, a New Jersey-based solar company majority-owned by an investment affiliate of Starwood Energy, will continue to provide asset management services to the SSM projects.