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SWITCH Power Acquires Operating Rooftop Solar Project in Ontario, The Canadian Business Journal

CALGARY, ALBERTA, SEPTEMBER 9, 2022 (GLOBE NEWSWIRE) — SWITCH Power Corporation (“SWITCH” or the “Company”) announced that its wholly-owned subsidiary, SWITCH Power Ontario Solar Operating Corporation (“SPOSOC”), is located in Vaughan, Ontario. has entered into an asset purchase agreement with a vendor to acquire an operating rooftop solar project (the “Project”).

The 428 kWdc system was commissioned in 2015 and will be maintained, operated and managed by SPOSOC. Emission-free power from the project will be sold under a 20-year fixed-price power purchase agreement. The transaction is expected to close in the fourth quarter of 2022.

SWITCH President and CEO Trevor White said: “Our goal is to further consolidate our existing solar projects to grow this single asset acquisition into a portfolio of contracted solar assets in Ontario and expand our portfolio in one of our key target markets. to increase the presence of

This is SWITCH’s second asset purchase in Ontario. In 2021, we acquired a portfolio of operating and developing battery energy storage assets. The acquisition will increase SWITCH’s operational and contracted capacity in Ontario to approximately 21 MW. Cash consideration for the project will be financed through a combination of cash and a secured term loan and royalty agreement between SPOSOC and RE Royalties Ltd.

About SWITCH Power Corporation:

SWITCH Power Corporation is an Alberta-based sustainable power developer, asset manager and independent power producer. SWITCH develops, finances and builds distributed power infrastructures, targeting underserved niche markets and focusing on customer-facing projects with unique value propositions through a power-as-a-service model. , owned and operated. SWITCH’s projects span multiple technologies, geographies and customer segments, each demonstrating scale and offering a diverse portfolio of sustainable power generation.

For more information:

mardel van nuwenhuis
Director, Corporate Finance
e: [email protected]


CBJ Newsmaker

SWITCH Power Acquires Operating Rooftop Solar Project in Ontario, The Canadian Business Journal

Source link SWITCH Power Acquires Operating Rooftop Solar Project in Ontario, The Canadian Business Journal

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