Atlantic Wind & Solar Inc. announced earlier last week that it has signed a milestone Solar Energy Agreement with major Ontario real estate developer, The Remington Group. This agreement follows the recently announced Province of Ontario Green Energy Act introducing feed-in tariffs and domestic content rules for alternative energy producers.
Highlights of the AWSL - Remington Group Agreement
- The Agreement encompasses the installation of several rooftop solar projects in Ontario up to 250kW in size and involves the installation of up to $15 million of Hybridyne Power Systems Canada's renewable energy systems on Remington-owned facilities.
- The purchase and installation of these renewable energy systems will be financed by a 50/50 joint venture between Remington Group and AWSL through a Limited Liability Partnership (LLP.)
- These rooftop solar power systems will generate in excess of 1.25 MW (peak) of power and will generate a 20 year guaranteed revenue stream under the Feed In Tariff Program upon issuance of the Ontario Power Authority contract. The Remington Group and AWSL will share equally in the revenues from these projects.