TORONTO, Canada | ATLANTIC WIND & SOLAR —
Atlantic Wind & Solar has completed construction on a 160 KW utility scale solar project in Canada and announces the launch of a newly formed Yieldco.
The commercial rooftop installation is expected to produce 3,300 megawatt hours of power over the next 20 years supplying Ontario with clean reliable energy.
The power will be sold under the province’s Feed-In-Tariff program.
Atlantic has received Commercial Operation Notice from Ontario’s Independent Electricity System Operator (IESO) – formerly the Ontario Power Authority (OPA).
The solar power plant was developed by our Canadian subsidiary Atlantic Solar Inc.
Atlantic is also pleased to announce the formation of Power 1 Inc. The new wholly owned subsidiary is intended to be the off-taker of Atlantic developed projects.
Power 1 would purchase and hold projects developed by Atlantic and other developers if conditions warrant. The aim is to provide a reliable yield generated from ongoing power sales.
Financing of Power 1 would be direct with no dilution to Atlantic Wind & Solar shareholders. Management is in discussion with potential financiers and advisors and expects to announce more details in the near future.