CALGARY, Alberta, Sept. 09, 2022 (GLOBE NEWSWIRE) — SWITCH Power Corporation (“SWITCH” or “the Company”) is pleased to announce that its wholly owned subsidiary, SWITCH Power Ontario Solar Operating Corporation (“SPOSOC”) , has entered into an asset purchase agreement with a vendor to acquire an operational rooftop solar project (“the Project”) located in Vaughan, Ontario.
The 428 kWdc system was commissioned in 2015 and is maintained, operated and managed by SPOSOC. Zero-emission electricity from the project will be sold under a 20-year fixed-price power purchase agreement. The transaction is expected to close in the fourth quarter of 2022.
“This transaction is consistent with our growth strategy through acquisitions and will provide long-term cash flow in support of our scaling origination and development portfolio,” said Trevor White, President and Chief Executive Officer of SWITCH. “Our goal is to grow this single asset acquisition through further consolidation of existing solar projects into a portfolio of contracted solar assets in Ontario, thereby strengthening our presence in one of our key target markets.”
This is the second asset purchase for SWITCH in Ontario. In 2021, the Company acquired a portfolio of battery energy storage operations and development assets. This acquisition increases SWITCH’s operational and contracted capacity in Ontario to approximately 21 MW. Cash consideration for the project will be provided through a combination of cash and a secured term loan and royalty agreement between SPOSOC and RE Royalties Ltd. funded.
About SWITCH Power Corporation:
SWITCH Power Corporation is an Alberta-based developer, asset manager and independent power producer of sustainable energy. SWITCH targets underserved and niche markets to develop, finance, build, own and operate decentralized power infrastructures, with a focus on customer-centric projects with an inherent value proposition, through a power-as-a-service model. SWITCH’s projects span multiple technological, geographic and…
