Solar energy projects in Ontario receive $455mn loan guarantees

First Solar Inc. (NASDAQ: FSLR) received $455.7 million in loan guarantees from the Export-Import Bank of the United States for two solar power projects in Ontario.

The bank will guarantee a loan worth $236.7 million for a 50 MW plant to be built in the townships of Amherstburg, Belmont and Walpole. Another guarantee for a $219 million loan was also approved for a 40 MW solar farm in St. Clair.

The bank will secure First Solar commercial loans in case of a default. The debt will help finance project components First Solar will export to Ontario to build the projects and is to be repaid over 18 years.

Vancouver-based Plutonic Power and General Energy Financial Services will own the 50 MW project. NextEra Energy Resources will own the 40 MW facility. Both projects are expected to sell power to the Ontario Power Authority under a 20-year power purchase agreement.

Read more contracts and projects news

Sponsored by FLSmidth

Related Articles

Cape Wind secures $400M more in financing for offshore project

Cape Wind said it has secured an additional $400 million dollars from several financial institutions for the offshore wind project slated to be built in Nantucket Sound.

Dragonfly Solar, SolarWorld to deliver solar power to utility co-ops

Commercial solar developer, Dragonfly Solar and SolarWorld, a solar manufacturer, will deliver solar arrays, totaling 517-kW to four electric utility cooperatives in the U.S. Midwest.

Follow Power Engineering on Twitter
Latest News

State officials mark construction start for wind farm

State officials are marking the beginning of local construction for what is expected to be th...

295 MW of new generation capacity comes online during March, FERC reports

The amount of new electric generation capacity commissioned during March was a relatively mod...

AEP points out various issues as FERC responds to proposed Clean Power Plan

American Electric Power Service Corp., on behalf of various other American Electric Power (NY...

Location chosen for Entergy's pilot solar project in DeSoto

HUGHES, Miss. (AP) - A location has been selected for a pilot solar project in DeSoto County.

Perry nuclear power plant resumes operations

The 1,268-MW Perry Nuclear Power Plant in Ohio returned to service following a shut down for ...

Dominion Virginia Power shelves plans for offshore wind project

Dominion Virginia Power, a subsidiary of Dominion (NYSE: D), put plans to build an offshore w...

Coal ash recycling company successfully repurposes pond ash

The SEFA Group Inc. recently opened a stand-alone Staged Turbulent Air Reactor (STAR) facilit...

Hawaii energy park, Sandia National Laboratories to test energy storage

The Natural Energy Laboratory of Hawaii Authority (NELHA) has secured a deal with New Mexico-...

Power Engineering Current Issue

02/01/2015
Volume 119, Issue 2
1502PE-cover
Products Showcase
Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015

Power Industry Wire News

Rockdale Resources Enters Into Letter of Intent to Acquire Working Interest in a Historical Oklahoma Oil Field

Rockdale Resources Enters Into Letter of Intent to Acquire Working Interest in a Histor...

Scorpio Tankers Inc. Announces Newbuilding Vessel Deliveries and Reminder for Upcoming Conference Call

Scorpio Tankers Inc. Announces Newbuilding Vessel Deliveries and Reminder for Upcoming ...

Falcon Crest Energy Searching for Opportunities Outside Oil and Gas Sector

Falcon Crest Energy Searching for Opportunities Outside Oil and Gas Sector

West Texas Resources, Inc. Announces Appointment of Paul Brogan to Board of Directors

West Texas Resources, Inc. Announces Appointment of Paul Brogan to Board of Directors

Younicos Commends U.S. Department of Energy Call for Energy Storage to Be Part of National Electricity Grid Infrastructure Improvements

Younicos Commends U.S. Department of Energy Call for Energy Storage to Be Part of Natio...

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>