Skyline Energy Acquires 7 Rooftop Solar Assets
September 27, 2018 Press Releases
Guelph, ON – September 27, 2018
Skyline Clean Energy LP is excited to announce that it has acquired interests in seven (7) operating rooftop solar assets (the Portfolio) located on commercial and industrial buildings throughout Ontario. Each of the solar assets in the Portfolio is backed by long-term power purchase agreements under the government-funded Feed-In-Tariff (FIT) program. The solar assets have an average remaining FIT contract term of 18.24 years and the equipment has an expected life of 25 – 30 years. The anticipated average annual revenue generated from the solar Portfolio will be approximately $1,120,000.
“The production and adoption of clean energy is growing globally,” stated Jason Castellan, Co-Founder, and CEO of The Skyline Group of Companies.
“Skyline has always been an early adopter of sustainable activity, and has experienced the benefit of solar on a number of our real estate holdings for nearly 10 years. The Skyline Clean Energy Fund is a natural progression to increase our presence in the clean energy sector.”
“There are currently over 30,000 clean energy projects operating in Ontario,” commented Rob Stein, President of Skyline Energy.
“With our depth of knowledge, network of contacts, and experience in the clean energy space, we are confident in our ability to continue acquiring quality assets like this new portfolio, with solid legal contracts, and proven cash flows in place.”
In addition to the newly acquired portfolio, Skyline Energy has begun due diligence on two additional rooftop solar portfolios within Ontario, all with active FIT contracts.
These projects are as follows:
- Rooftop Portfolio: Skyline Energy Asset Manager is currently in the final stages of negotiations to acquire a 4-asset rooftop solar portfolio. The Portfolio is made up of four assets that are located across Ontario and operating under the FIT 1 program. The anticipated annual revenue generated by the Portfolio is approximately $1,000,000.
- Ground Mount Portfolio: In conjunction with the recent purchase of the 7 asset rooftop solar portfolio on August 20, 2018, the Asset Manager secured a 90-day exclusivity clause to execute a purchase agreement on a portfolio of 25 unconstructed ground mount solar assets located in Ontario (the “MPI 2 Portfolio”).The Asset Manager has begun its due diligence and is in contract negotiations to secure a take-out value for the MPI 2 Portfolio at the time of completion. Upon completion, the MPI 2 Portfolio is anticipated to generate $4,500,000 annually.
The fund will continue current discussions and actively pursue other acquisition opportunities as they become available. The potential acquisition of the projects under due diligence, or any part thereof, would be subject to several conditions including the availability of adequate funds through an Offering or alternative financing. As a result, there can be no assurance that any such potential acquisitions will be completed.
If you are interested in investing with Skyline Energy, please visit our exclusive dealer website at skylinewealth.ca.
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SCEF continues to build its presence in the Ontario solar energy market by adding another FIT 1 rooftop solar contract to its portfolio