Greentech Lead America:Â Fiera Axium Infrastructure Canada II L.P. has acquired 100 percent equity interest in four solar photovoltaic (PV) projects from Ontario Solar PV Fields, a joint venture formed between Q-Cells SE and Photowatt, a subsidiary of ATS Automation Tooling Systems.
Construction of the projects is set to begin this summer, and is expected to be completed in the second quarter of 2014. Once completed, the solar facilities will supply up to 50 gigawatt hours (GWh) of electricity per year – equivalent to the energy required to power approximately 5,000 households in Ontario.
Once constructed, the projects will sell power to the Ontario Power Authority pursuant to 20-year Power Purchase Agreements under the terms of the Ontario government’s Feed-in-Tariff (FIT) program.
The projects, initially developed by Ontario Solar PV Fields, comprise four solar PV facilities with 42 MW of aggregate generation capacity located in Ontario in the townships of Ramore, Hearst,Â
This transaction represents Fiera Axium’s first investment in greenfield solar power facilities.
The projects will be constructed by Hanwha Q CELLS Canada, a subsidiary of Hanwha Q CELLS USA – a provider of turnkey solar systems with over 110 MW of projects built to date in North America.
“Consistent with our investment strategy, we are delighted to complement our fund portfolio with late-stage greenfield development projects to be constructed on a turnkey basis by a world-class firm in Hanwha Q Cells,” said Juan Caceres, vice president and senior investment director of Fiera Axium Infrastructure, manager of Fiera Axium Infrastructure Canada II L.P.