Potentia Renewables Inc. (“Potentia”) is pleased to announce that it has completed the acquisition of the Solarize solar portfolio, consisting of 54 solar projects situated in Ontario. The Solarize portfolio consists of a mix of ground-mount and rooftop projects with a gross nominal power capacity of 16.8 MWdc, contracted under 20-year FIT 1, 2 and 3-type power purchase agreements.
The projects have been commissioned between 2011 and 2017 and will now be maintained, operated and managed by Potentia. Several local co-ops and First Nations will continue to hold minority shareholdings in the projects. Potentia is honoured to partner with the Fort Severn First Nation, Mississaugas of the New Credit First Nation, Wunnumin Lake First Nation, Lac Des Mille Lacs First Nation, Taykwa Tagamou Nation and Kawartha Nishnawbe Solar Corporation (and First Nation) along with local community cooperatives Northumberland Community Power Cooperative, Local Initiative for Future Energy Cooperative, RECC Hamilton Cooperative and RECC Middlesex Cooperative. Potentia is enhancing its tradition of actively working with local First Nations in their stewardship of the environment that commenced with the King Fisher First Nation collaboration in the Peel Schoolboard Rooftop operating portfolio totaling 23 MW, and mot recently, with the Paul Band in the 113 MW Stirling Wind Project to be built in Alberta.
“We are excited to bring the Solarize assets within the larger Potentia operating portfolio along with the new First Nations and local community relationships. ”, said Jeff Jenner, Chief Executive Officer of Potentia. “We have, and will continue, to reach out to these new partners to strengthen these relationships going forward.”
The Solarize portfolio acquisition increases Potentia’s total number of operating projects to 771, with a capacity of 189 MW. Potentia is excited to have approximately 850 MW of operational, under construction and contracted projects, which places it as a Canadian leader in the rapidly growing renewable energy industry. Our third international project, the 32 MW Canoa solar project, is under construction in the Dominican Republic and is expected to become operational at the end of 2019. Our large Western Canada wind portfolio commences construction next month with a groundbreaking ceremony at the 200 MW Golden South Wind Project, near Assiniboia, Saskatchewan. These developments place Potentia on track to reach 1,000 MW of operating renewable energy assets by 2021.