TORONTO, May 5 /CNW/ - BrightRoof Solar LP announced today that it has
submitted more than 40 applications to the Ontario Power Authority for
solar Feed-In Tariff (FIT) contracts. The projects will together create
more than $50 million of equipment sales and installation work in
Ontario, and will add more than 12 megawatts of clean electricity
generating capacity to Ontario's power grid. The project sites are
located across Ontario, on roof space to be leased from several
institutional property owners.
BrightRoof was established by CarbonFree Technology - a leading solar
power project developer - and Connor, Clark & Lunn Infrastructure - the
infrastructure investment affiliate of Connor, Clark & Lunn Financial
Group, the second largest independent asset management company in
Canada. BrightRoof plans to invest $100 million of capital over the
next two years to fund solar projects participating in Ontario's FIT
program. The necessary financing is in place, and the current
applications account for more than half of the total.
"We believe solar power represents a clean and reliable alternative to
other forms of power generation available in Ontario," said David
Oxtoby, CEO of CarbonFree Technology. "Many building owners and tenants
agree, and they are eager to be a part of the solution."
Upon approval of the applications by the Ontario Power Authority,
BrightRoof will enter into 20-year FIT contracts and develop, own and
operate the solar energy systems, making lease payments to building
owners for otherwise unused roof space.
In addition to working directly with building owners, BrightRoof is
partnering with other solar developers and installers to acquire or
co-invest in projects which have already received FIT contract offers.
More information about BrightRoof and its programs for building owners
and other developers is available at www.brightroof.ca.
"BrightRoof is a reliable counterparty and an ideal long-term tenant,"
said Matt O'Brien, President of Connor, Clark & Lunn Infrastructure.
"BrightRoof's financial strength and stability, access to capital and
significant solar experience make it an attractive partner for both
building owners and project developers who are seeking financing for
their solar projects."
About Connor, Clark & Lunn Infrastructure Ltd.
Connor, Clark & Lunn Infrastructure invests in a broad range of North
American infrastructure companies and projects with long lives, highly
attractive risk-return characteristics and the potential to generate
stable cash flow. Connor, Clark & Lunn Infrastructure is part of
Connor, Clark & Lunn Financial Group, a multi-boutique asset management
firm responsible for the investment of over $39 billion in assets
through its affiliated investment managers on behalf of individuals,
advisors and institutional clients.
About CarbonFree Technology
CarbonFree Technology is a leading North American solar project
developer, headquartered in Toronto. The company has commissioned more
than $50 million worth of photovoltaic projects across North America.
Institutional clients benefit from CarbonFree's lease agreements, Power
Purchase Agreements (PPAs) and other financial structures, enabling
them to earn income from unused space or buy clean energy at prices
below grid electricity.
SOURCE Connor, Clark
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