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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”) in Vaughan, Ontario.
The 428 kWdc system was commissioned during 2015 and will be maintained, operated, and managed by SPOSOC. Emissions free electricity from the Project is sold under a 20-year fixed price Power Purchase Agreement. The transaction is expected to close during the fourth quarter 2022.
“This transaction aligns with our growth-through-acquisition-strategy and will contribute long-term cash flow to support our scaling origination and development portfolio,” says Trevor White, SWITCH’s President and Chief Executive Officer. “Our goal is to grow this single asset acquisition into a portfolio of contracted solar assets in Ontario through further consolidation of existing solar projects, increasing our presence in one of our key target markets.”
This is the second asset purchase for SWITCH in Ontario. In 2021, it acquired a portfolio of operating and development battery energy storage assets. This acquisition increases SWITCH’s operating and contracted capacity in Ontario to approximately 21 MW. Cash consideration for the Project will be funded through a combination of cash and a secured term loan and royalty agreement between SPOSOC and RE Royalties Ltd.
About SWITCH Power Corporation:
SWITCH Power Corporation is an Alberta-based sustainable power developer, asset manager, and independent power producer. SWITCH targets underserved and niche markets to develop, finance, build, own and operate distributed power infrastructure, with a focus on customer facing projects with an inherent value proposition, through an electricity-as-a-service model. SWITCH’s projects span across multiple technology, geographical, and customer segments, each presenting scale and providing a diverse portfolio of sustainable generation.
For more information:
Mardell Van Nieuvenhuyse
Director, Corporate Finance