October 27, 2022
SWITCH Power Corporation (“SWITCH” or “the Company”) is pleased to announce that its wholly owned subsidiary, SWITCH Power Ontario Solar Operating Corporation (“SPOSOC”), has closed the previously announced acquisition of an operational rooftop solar project (“the Project”) in Vaughan, Ontario.
The 428 kWdc system was commissioned in 2015 and will be operated and maintained by SPOSOC. Emissions free electricity from the Project is sold under a 20-year fixed price Power Purchase Agreement to the Ontario Independent Electricity System Operator (“IESO”).
This is the second asset purchase for SWITCH in Ontario following the 2021 acquisition of a portfolio of operating and development battery energy storage system assets (“BESS”). This acquisition increases SWITCH’s operating and contracted capacity in Ontario to approximately 22 MW. Through origination, development, and a consolidation strategy, SWITCH plans to leverage this acquisition to grow SPOSOC’s capacity into a portfolio of contracted solar assets in Ontario, increasing its presence in a key target market.
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: [email protected]