Solar panels at Vermont test facility.
In the fall of 2009 many Ontario developers rushed to submit applications hoping to gain approval for a limited number of 10 MW solar projects that would be able to fit within the estimated 4,000 MW of available capacity on the Ontario grid. Despite an abundance of applications there still appears to be several isolated areas where distribution capacity is such that solar project applications may be approved. For a typical 10 MW solar project application, $500,000 of security deposits is required along with funding for preliminary engineering and regulatory assessments. Mindfirst has sourced funding for five 10 MW solar projects.
Each approved 10 MW solar project will require construction financing of approximately $40 million. Mindfirst is currently assembling financing for these projects.
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