Panasonic Eco Solutions Canada Inc. announced that it teamed up with Coronal Group LLC to acquire the 6MW Balsam Lake Solar Project from Balsam Lake Green Energy. The project is part of the Ontario Power Authority's Feed-In Tariff Program.
The Balsam Lake Solar Project is now under construction with plans for commercial operation in 2015. When complete, it will provide enough energy to the Ontario Power Authority's grid system to power approximately 550 homes annually.
"This is Panasonic's first ground mount solar project in Canada and our first in the country with Coronal. The project opens the opportunity to build our portfolio with clients seeking a one-stop-shop for expertise in solar PV engineering, construction, finance, operations and management—a streamlined, renewable energy solution that is an efficient and reliable platform to lower energy costs," said Panasonic Eco Solutions Canada Managing Director Walter Buzzelli.
"The Balsam Lake Solar Project underscores the efficacy of our renewable energy platform for the commercial, industrial, municipal and small utility markets throughout North America," said Coronal's CEO and Managing Director Jonathan Jaffrey. "We see enormous potential in Canada and will be opening an office to support projects in collaboration with Panasonic Eco Solutions Canada."
"We are confident that the Panasonic – Coronal team brings the expertise, efficiency and acumen of a global brand needed to drive the successful completion of the Balsam Lake Solar Project," said Balsam Lake Green Energy President Dennis Zaidi. "Their one-stop-shop approach to solar energy complements and extends our commitment to creating green energy and green jobs in Ontario, and gives us peace of mind knowing that this project will provide clean energy for years to come."
"We are excited to implement our financing solution and M&A skill set in collaboration with Panasonic's Canadian subsidiary. We are also thrilled to close on the first of what we expect will be a substantial number of acquisition and partnership opportunities with Mr. Zaidi and the Balsam Lake Green Energy team," said Coronal Managing Director and General Counsel Tom Paschall.