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BRANTFORD, ON, May 22, 2014 /24-7PressRelease/ -- Solarize Energy L.P., a leading developer of clean energy projects, today announced that it has reached agreement on a development and financing partnership with Community Power Northumberland (CPN), a community co-operative. The agreement includes the design, construction, and finance and operation of three FIT2 projects recently awarded by the Ontario Power Authority (OPA) to CPN. These community participation projects are expected to reach commercial operation by the third quarter of 2014.
Solarize Energy, together with its financing partners, will arrange for both construction-stage and long term debt financing as part of its aggregation facility specifically designed to meet all the requirements of the FIT2.1 OPA Contract. "Solarize is pleased to bring its development expertise and financing capacity to enable these projects to reach commercial operation in an efficient and timely manner," said Carlos Leite, Managing Director of Solarize Energy.
These projects are possible under the government of Ontario's FIT Program with its focus on the development of distributed clean power. By replacing fossil fuels, the clean energy generated by these solar photovoltaic systems will also contribute significantly to efforts to fight climate change. "Together, the three projects involve the installation of over 4,000 Ontario-made solar panels in the area of Cobourg, Ontario bringing local engineering and installation jobs during the construction period and maintenance jobs during the operating lifetime of the solar arrays," said Craig Walker, Sales Manager at Solarize Energy.
The positive legacy of a switch to distributed power generation from renewable sources was highlighted by Tony Walker, President of CPN: "These projects will contribute to Ontario's efforts to reduce its reliance on fossil fuels and make a positive contribution in the fight against climate change - a legacy to our children and grandchildren". The annual reduction in GHG emissions is equivalent to eliminating 1,377 tonnes of CO2 from the atmosphere or to removing 252 cars or light trucks off the road. "We are pleased with our partnership with Solarize and with our community-based efforts to reduce our carbon footprint. These projects include investment by over 50 local residents living in the Cobourg area," added Rich Tyssen, Secretary of CPN.
To learn more about how interested FIT2 contract holders can take advantage of Solarize's development expertise and aggregate financing facility, contact our Sales Department at 519-304-7011 for a free, no-obligation consultation or visit Solarize Energy online at www.solarizeenergy.ca.
About Solarize Energy L.P.
Solarize Energy L.P. (www.solarizeenergy.ca), based in Brantford, was established in 2009 to develop, finance, own and manage distributed solar energy assets on behalf of their investors and strategic development partners. The management group has a long history in the solar sector, and a combined 40 years of project and construction management experience. The in-house team provides expert design and engineering, procurement and construction, project commissioning as well as operations management of solar energy projects.
Currently, Solarize has 8.5 MW of FIT solar projects under management, construction or development, in addition to 15 MW of applications for FIT3 projects. With strategic alliances with leading equipment suppliers and with ready access to construction-stage and long-term financing, Solarize offers a one-stop shop for those wishing to install solar systems under the FIT Program. In addition, Solarize has just commissioned the first Net Metering project in the Brantford area.
About Community Power Northumberland
Community Power Northumberland was formed in January 2012 with the intent of undertaking renewable energy projects in Northumberland County under Ontario's Feed-In-Tariff program. NCPC is a not-for-profit co-operative which intends to direct any surplus funds from operations to develop additional renewable energy projects or other environmentally sustainable projects in Northumberland County.
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