We are pleased to provide an update on the Member-Partners Solar Energy Limited Partnership.
The capital of Member-Partners Solar Energy LP has been fully placed into solar projects participating in the Ontario Feed in Tariff program. This program provides fixed contracted rates for purchasing energy generated for a twenty-year term. The solar sites are of various sizes but can largely be categorized as microFIT (being of less than 10 kW AC of capacity) and FIT (between 10 and 500 kW AC of capacity).
All of the individual microFIT sites we are building have now been connected to the grid and all but one of the 343 sites are earning an income.
In February we reached the significant milestone of completing $15.5 million of debt funding for the microFIT portfolio. This is now the largest financed microFIT portfolio.
A further 400 constrained sites are planned for construction. We are continuing to work with the Minister of Energy’s office and the Ontario Power Authority on the final terms under which we will participate in the Relocation of Constrained microFIT program. There have been some delays to this process but we continue to move forward.
We are working with a number of lenders now for this portion of the microFIT portfolio. Two contractors are in place to begin construction and we have settled on a design and site locations. Construction is expected to begin late summer 2013.
There are now 3 roof-top systems built and generating income within the Solar Energy LP portfolio and two more are under construction.
The next two are scheduled to be completed within the next 2 months and will be connected to the grid within 4 weeks of construction. We have signed a term sheet for the financing of these projects and are moving to have this funding in place within the next 8 weeks.