Skyline Clean Energy Fund Buys 7-Asset Solar Portfolio in Ontario
December 29, 2023 News, Press Releases, Solar Energy
[Guelph, Ontario – December 29, 2023]
On December 29, 2023, 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.
About Skyline Clean Energy Fund
Skyline Clean Energy Fund (“SCEF”) is a privately owned and managed portfolio of medium to large scale clean energy assets, focused on acquiring income-producing assets across Canada, under long-term government contracts.
SCEF is distributed as an alternative investment product through Skyline Wealth Management Inc. (“Skyline Wealth Management”), the preferred Exempt Market Dealer for SCEF. It is also available on Fundserv (Code: SKY2018).
SCEF is committed to surfacing value to its investors through asset monitoring and optimization, while providing a sustainable investment product based in clean, renewable energy infrastructure.
To learn more about SCEF and its asset manager, Skyline Energy, please visit SkylineEnergy.ca.
To learn about additional alternative investment products offered through Skyline Wealth Management, please visit SkylineWealthManagement.ca.
Skyline Clean Energy Fund is operated and managed by Skyline Group of Companies.
For media inquiries, please contact:
Cindy BeverlyVice President, Marketing & Communications
Skyline Group of Companies
5 Douglas Street, Suite 301
Guelph, Ontario N1H 2S8
cbeverly@skylinegrp.ca
More from this category:
Skyline Energy’s President named 2022 Changemaker
[Guelph, Ontario – February 25, 2022] Skyline Energy is pleased to announce Rob Stein, President, Skyline Energy, has earned a 2022 Report on Business magazine Changemakers award. Changemakers is an editorial award program produced by Report on Business magazine at The Globe and Mail. Its intent is to showcase the emerging leaders transforming business today. [...]
SCEF Purchases A Solar Project In Alberta
[Guelph, Ontario – October 31, 2022] On October 31, 2022, Skyline Clean Energy Fund acquired a ground-mounted solar development project through the purchase of 100% of the shares in 2289994 Alberta Inc. The project will be located at 202082 Range Road 174 Newell County, southeast of the Town of Bassano, Alberta. Once complete, the asset [...]