On September 17, 2021, Skyline Clean Energy Fund acquired four rooftop solar assets at properties located in Cambridge, Ontario:
- 131 Sheldon Drive
- 1177 Franklin Boulevard
- 1195 Franklin Boulevard
- 1425 Bishop Street North
The portfolio totals 1.1 MW/DC1 and has an Expected Annual Generation2 of 1,201 MWh3, equivalent to powering 149 homes each year4.
The total purchase price for the assets was $1.35M.
Each of the assets operates under a 20-Year FIT 4 contract.
Each of these properties is owned by Skyline Commercial REIT; the rooftop assets were sold by Skyline Commercial REIT to Skyline Clean Energy Fund.
“We’re happy to announce this internal transaction between two Skyline entities,” said Rob Stein, President, Skyline Energy.
“Our Skyline Energy team has been maintaining these assets for Skyline Commercial REIT for some time. Transferring ownership of the assets into Skyline Clean Energy Fund is a practical decision that benefits both funds by allowing them to focus on their core investment strategy.”
“Skyline Commercial REIT is pleased to have Skyline Clean Energy Fund as a new tenant at these properties where they have acquired our solar assets,” said Michael Mackenzie, President, Skyline Commercial REIT.
“The new rooftop leases at these properties, created through this transaction, can positively impact property valuations for our investors. Additionally, the rooftop leases will ensure the assets are in the hands of a company highly capable of maintaining and managing those facilities, allowing for peak performance.”
Both Skyline Commercial REIT and Skyline Clean Energy Fund are housed within Skyline Group of Companies. The Trustees of both Skyline Commercial REIT and Skyline Clean Energy Fund approved this related party transaction.
Skyline Clean Energy Fund now comprises 70 clean energy assets: 69 solar assets totalling 37.75 MW/DC and one biogas facility totalling 88,000 tonnes in annual Organic Waste Capacity.5 Together, these assets have a total Expected Annual Generation of 55,617 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. This figure is expressed in accordance with the Fund’s percentage ownership of the assets.
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 The number of powered homes equivalency figure is calculated by dividing the Expected Annual Generation of the asset(s) by the average electricity use per Ontario household. The average electricity use per Ontario household is determined through Natural Resource Canada’s data on the total electricity consumption of the Ontario residential sector, divided by the total number of Ontario households.
5 Skyline Clean Energy Fund’s total MW/DC (solar) and annual Organic Waste Capacity (biogas) figures are expressed in accordance with the Fund’s percentage ownership of the assets.