KKR to Buy Ontario Solar Projects
KKR (NYSE: KKR) today announced the acquisition of three solar photovoltaic (“PV”) energy projects (“SSM Solar”) from an affiliate of Starwood Energy Group. Terms of the transaction were not disclosed.
Located in Sault Ste Marie, Ontario, SSM Solar has a total capacity of 69MWdc and 60MWac, representing one of the largest PV facilities in North America and the second largest in Canada. SSM Solar is fully contracted to sell its energy output to the Ontario Power Authority (“OPA”) under 20-year power purchase agreements entered under the authority's Renewable Energy Standard Offer Program (“RESOP”). SSM Solar powers approximately 7,000 households.
Overall operations and management of the solar projects will continue to be handled by EDF Renewable Energy under three separate long term operations and maintenance agreements.
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