Atlantic Wind completes Canadian solar project, forms ‘yieldco’

Atlantic Wind & Solar (OTC: AWSL) announced May 28 it has both completed construction on a 160-KW solar project in Canada and launched a newly-formed “yieldco.”

The $1.0 million commercial rooftop installation is expected to produce 3,300 megawatt hours of power over the next 20 years supplying Ontario with clean reliable energy. The power will be sold under the province’s Feed-In-Tariff program. Atlantic has received Commercial Operation Notice from Ontario’s Independent Electricity System Operator (IESO). The solar power plant was developed by Canadian subsidiary Atlantic Solar Inc.

Atlantic has formed Power 1 Inc. as its yieldco. This wholly-owned subsidiary is intended to be the off-taker of Atlantic developed projects. Power 1 would purchase and hold projects developed by Atlantic and other developers, if conditions warrant. The aim is to provide a reliable yield generated from ongoing power sales. Management is in discussion with potential financiers and advisors and expects to announce more details in the near future.

Atlantic Wind and Solar is a developer of utility-scale renewable energy plants with over 650 MW of projects at various stages of development in Canada, South America, South Asia and the Caribbean.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.