Skip to main content

SWITCH Power acquires operating rooftop solar project in Ontario

Written by Customer Service on . Posted in Mergers And Acquisitions.

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
e: investorrelations@switchpower.ca

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.