New Jersey-based Nautilus Solar Energy is planning to close a US$39 million construction and term facility with Rabobank.
The proceeds will be used for the construction of a solar photovoltaic portfolio of distributed generation projects in Ontario.
Ontario Power Authority has announced a feed-in tariff program to support all the 24 projects located across Ontario and Toronto.
It is expected that construction of 20 projects will be completed by year-end.
Green Energy Co-operative of Ontario and Eagle Lake First Nation are the two community partners that have invested in this project.
For the first time in Canada, Nautilus is sharing ownership with First Nations and cooperatives for this project. This may also be the first green project with investment drawn from community partners.
In addition, North Sky CleanTech Alliance Fund and NewWorld Environmental Infrastructure are also participating.
In June 2014, Nautilus Solar Energy of Canada developed a PV generation project portfolio for North Sky CleanTech Alliance Fund and NewWorld Environmental Infrastructure.
The portfolio, located in Ontario, Canada, is comprised of 28 projects totaling 9.2MW.