[Guelph, ON – Sept 11, 2020]
On September 11, 2020, Skyline Clean Energy Fund (the “Fund”), a privately-owned and managed portfolio of clean energy assets across Ontario, announced the acquisition of a 50% security interest in an 18.58 MW/DC1 ground-mount solar portfolio in Simcoe, ON. The remaining 50% ownership is held by SkyPower Global, a company that is majority owned by CIM Group, a US-based real estate and infrastructure firm.
The portfolio consists of two solar assets. The total purchase price was $29.85M.
The portfolio operates under a 20-Year Renewable Energy Standard Offer Programme (RESOP) contract with the Ontario government with an average remaining term of 11 years. It has an Expected Annual Generation2 of 9,723 MWh,3 and an Estimated Gross Annual Revenue4 of $4.08M.
“This acquisition is a great opportunity for Skyline Clean Energy Fund,” said Rob Stein, President of Skyline Clean Energy Fund.
“With this portfolio, we continue to build out our Southwestern Ontario presence and solidify a great partnership with SkyPower Global. I am excited to see the team use their expertise to realize the true potential of the sites.”
Skyline Clean Energy Fund now comprises 42 clean energy assets in 33 communities across Ontario, with a total Expected Annual Generation of 31,009 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)
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