Solar PV project closes on financing

Starwood SSM3 Canada L.P., a unit of Starwood Energy Group Global LLC, closed on financing for the 10 MW AC solar photovoltaic project in Sault Ste. Marie, Ontario. The amount financed was undisclosed.

Norddeutsche Landesbank Girozentrale is providing the construction financing and long-term loan facility. Starwood Energy Infrastructure Fund L.P. will provide the equity financing and Nautilus Solar Energy will serve as asset manager for the project.

The North American unit of Q-Cells SE will construct the project on a turn-key basis and provide operations and maintenance services post-completion.

The project builds on the Starwood SSM1, a 20 MW AC project that came online in October 2010, and Starwood SSM2, a 30 MW AC project expected to be completed during Q3 2011. The project is expected to have a total generating capacity of 60 MW.

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