Calgary, Alberta, March 16, 2022 (GLOBE NEWSWIRE) — SWITCH Power Corporation (“SWITCH” or “The Corporation”) is today Solarnet Investment Canada Ltd. Announced that it has signed a final contract with (“Solarnet”). Takes 50% ownership of PACE Canada LP (“PACE Canada”).
PACE Canada owns four PV development projects in Alberta with a total capacity of 75ac MW. SWITCH and its PACE Canada partner PathfinderCleanEnergy have been developing solar projects for Joffre, Youngstown, Hannah and Caroline since 2018. Construction is scheduled to begin in the spring of 2022. While the four solar projects have fascinating fundamentals, the development of the Greenfield project is not part of SWITCH’s power strategy as a service. In addition, current market conditions offer developers the opportunity to monetize advanced development projects. The terms of the deal with Solarnet have not been disclosed, but the selling price received by SWITCH represents a meaningful return on development costs. Pathfinder will continue to be a 50% investor in PACE Canada and will continue to support the development of these projects with new partners.
Trevor White, CEO of SWITCH Power, said: We are proud of these projects collaborative with Pathfinder. However, the growing demand for solar projects in Alberta provided SWITCH with a unique opportunity to sell this portfolio and recycle its capital into its core business. With SolarNet, Pathfinder will bring a trusted partner to PACE Canada and work together to drive these projects while ensuring that the commitment PACE Canada has made to its stakeholders is maintained. “
About SWITCH Power
SWITCH Power is an Alberta-based sustainable electricity developer, asset manager, and independent power producer. Through its power model as a service, SWITCH focuses on customer-facing projects with unique value propositions, developing, financing, building, owning and operating distributed power infrastructure, a poorly serviced niche market. Is targeted at. Their portfolio spans multiple technology, geographic, and customer segments, each sized and offering a diverse portfolio of sustainable generations.
About Solar Net
Solarnet Investment Canada Ltd. was founded in 2001 and is a subsidiary of the German-based GOLDBECK SOLAR Group. As a solar energy gateway, it can provide all the services within the PV plant’s value chain and integrate all aspects necessary for its successful realization. The company specializes in turnkey construction of industrial, commercial, and large-scale solar power plants. It stands out for its international experience, technical excellence, and financial strength, as well as its innovative character in the solar industry.
For more information:
Mardell Van Nieuvenhuyse
c / o SWITCH Power Corp
19th floor, 700 2nd Street SW
Calgary, AB T2P 2W2
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SWITCH Power Corporation Announces Agreement to Sell Shares in PACE Canada LP, Canadian Business Journal
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