GUELPH, ON., June, 2019 /PVBUZZ MEDIA/– Skyline Clean Energy Fund (“SCEF”), an open-ended investment trust currently invested in large-scale, energy-producing projects across Ontario, is pleased to announce the acquisition of a 50% stake in First Light 1 LP, a 9.08 MW DC solar facility, located in the township of Stone Mills, near Napanee, ON.
SCEF purchased its stake in the LP from SunEdison on May 6, 2019. The remaining 50% of the solar park is still held by SkyPower Global. The purchase includes approximately 250 acres of land on which the system is located.
This acquisition represents a considerable expansion of SCEF’s portfolio of clean energy properties in Northwestern and Southern Ontario.
“The acquisition of First Light 1, a large ground mount project marks an exciting day for Skyline Energy Inc.,” said Rob Stein, President, Skyline Energy. “It signals an entrance into utility-scale ground mount projects helping accelerate the growth of the Fund. The project has a long operating history, experienced operation & maintenance team and a strong partner in SkyPower Global. Together, this results in a stable and accretive asset for the Skyline Clean Energy Fund.”
First Light 1 has been generating electricity for the Ontario grid since 2009 in accordance with a 20-year fixed-price contract under Ontario’s Renewable Energy Standard Offer Program (RESOP), a precursor to the Feed-in Tariff (FIT) Program. It has over 10 years of the contract remaining.
“This asset has performed well to date and has shown no indication that the future will be any different with the strong asset management plan in place,” added Matt Kennedy, Acquisition Associate.
At its commissioning in 2009, SkyPower and SunEdison, with then Energy Minister George Smitherman celebrated the First Light 1 Solar Park as a “milestone project” in Ontario’s nascent renewable energy initiatives. The solar park is comprised of some 126,000 panels and covering 90 acres, it was Canada’s largest solar farm at the time, and the first utility-scale solar park operational in Canada. The plant was designed to generate some 10 million kilowatt hours (kWh) of renewable electricity a year, which is enough to power around 1,000 Ontario homes.
The fixed-axis ground mount system can provide 7.5 MW of AC power at peak. The panels were manufactured by First Solar, which will operate and maintain the system through its Energy Services division.
Skyline Clean Energy Fund (SCEF) is an equity investment fund comprised of renewable energy-producing assets backed by long-term power purchase contracts. The Fund is targeting both stabilized and distressed assets offering accretive returns generated through stable cash flows in strong energy markets. The Fund’s Asset Manager aims to implement margin enhancement initiatives, manage system performance and improve system optimization to increase cash flows. By maximizing the performance, each asset increases in value leading to equity growth and the acquisitions of new assets. Formed in 2017, the Skyline Clean Energy Fund is managed and operated by the Skyline Group of Companies, a Guelph, ON-based real estate acquisitions, management, and investment firm. The Fund is currently open to investment from accredited investors. It targets a 7.5% growth rate on investments, and investments are RRSP, TFSA, and RRIF eligible.
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