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.