Ontario — Skyline Energy announces that it’s “Skyline Clean Energy Fund” purchased an interest in seven utility scale, ground mounted solar projects from a preeminent global solar developer, marking the Fund’s largest acquisition to date.
Each project has a fixed-price government-backed RESOP (Renewable Energy Standard Offer Programme) contract with the IESO (Independent Electricity Systems Operator), with an average of eight years remaining.
The assets total 48.27 MW/DC1 in size,2 with an Expected Annual Generation3 of 53,516 MWh4 and Expected Annual Revenue5 of $22,476,767.
“We’re very pleased to welcome another utility scale portfolio into the Fund where it will greatly complement our existing holdings and add significantly to our presence in the Canadian renewable energy infrastructure space. We are proud to be a provider of essential clean power to the communities in which we operate,” said Rob Stein, President, Skyline Clean Energy Fund.
“This acquisition is one that we have been targeting from a strategic perspective for a couple years. Not only will it allow us to achieve significant economies of scale with the rest of our portfolio, but the assets are in prime locations to be able to generate post-contract value. We view this as a huge value-add initiative that will benefit our unit holders in the long run.”
In addition to this significant transaction, Skyline Clean Energy Fund achieved several other notable events and milestones in 2023, including the announcement of $3 million expansion to the Fund’s Lethbridge, Alberta biogas facility; the closing of the Fund’s inaugural $52 million bond financing; and most recently, Rob Stein’s recognition as a Canada Clean50 honouree for 2024.
Post-acquisition, Skyline Clean Energy Fund now comprises 83 clean energy assets in two provinces: 81 solar assets and two biogas facilities, together totaling 96.131 MW/DC and 184,000 in annual Organic Waste Capacity.6
1 MW/DC: Megawatt of direct current energy; a unit measurement of the output of power.
2 Size has been adjusted as per ownership percentage.
3 Expected Annual Generation is adjusted as per ownership percentage and is the amount of additional generation the Fund will receive with this acquisition. This figure is calculated as an expectation of annual output based on analysis of a number of inputs, including historical production, system efficiency, and historical weather data. This figure is expressed in accordance with the Fund’s percentage ownership of the assets.
4 MWh: A measurement of energy usage; the amount of energy one would use if keeping a 1,000 kilowatt machine running for an hour.
5 Expected Annual Revenue is adjusted as per ownership percentage and is the amount of additional revenue the Fund will receive with this acquisition.
6 Skyline Clean Energy Fund’s total MW/DC (solar) and annual Organic Waste Capacity (biogas) figures are expressed in accordance with the Fund’s percentage ownership of the assets.