[Guelph, ON – June 1, 2020]
On June 1, 2020, Skyline Clean Energy Fund, a privately-owned and managed portfolio of clean energy assets across Ontario, announced the acquisition of a 2.37MW/DC1 rooftop operating solar system in Strathroy, ON.
The total purchase price was $9.85M (equity of approximately $4.58 million; debt of approximately $5.27 million).
The solar system operates under a 20-Year FIT 1.5 contract with the Ontario government. It has an Expected Annual Generation2 of 2,415 MWh,3 and an Estimated Gross Annual Revenue4 of $1.3M.
At the time the solar rooftop system was originally installed, it was the largest rooftop solar array under a FIT contract in the province of Ontario.
This is Skyline Clean Energy Fund’s first purchase in the town of Strathroy.
“This acquisition is an exciting one for Skyline Clean Energy Fund (the ‘Fund’),” said Rob Stein, President of Skyline Clean Energy Fund.
“With this purchase we are increasing the Fund’s total asset size in MW/DC by 13%,5 and increasing its Estimated Gross Annual Revenue by 17%.6 Even amid these challenging times we are seeing great opportunities to acquire energy-producing assets under long-term contracts.”
Skyline Clean Energy Fund now comprises 40 clean energy assets in 32 communities across Ontario, with a total Expected Annual Generation of 21,311 MWh.
1 MW/DC: Megawatt of direct current energy; a unit measurement of the output of power.
2 Expected Annual Generation is projected by an independent third-party and is calculated as an expectation of annual output based on analysis of a number of inputs, including historical production, system efficiency, and historical weather data.
3 MWh: A measurement of energy usage; the amount of energy one would use if keeping a 1,000 kilowatt machine running for an hour.
4 Estimated Gross Annual Revenue is calculated as: (size of system, measured as kilowatts) x (production factor of system, measured as kilowatt hours generated per kilowatt) x (tariff rate, measured as revenue per kilowatt hour generated)
5 13% total asset size was calculated on the basis of added MW/DC power output.
6 17% revenue growth was calculated on the basis of added Estimated Gross Annual Revenue.
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