MISSISSAUGA, Ontario--(BUSINESS WIRE)--Panasonic Eco Solutions Canada Inc. (Panasonic) announced that it teamed up with Coronal Group LLC (Coronal) to acquire the 6 MW Balsam Lake Solar Project from Balsam Lake Green Energy. The project, based in the City of Kawartha Lakes, Ontario, is part of the Ontario Power Authority’s Feed-In Tariff Program.
The Balsam Lake Solar Project is now under construction with plans for commercial operation in 2015. When complete, it will provide enough energy to the Ontario Power Authority’s grid system to power approximately 550 homes annually.
“This is Panasonic’s first ground mount solar project in Canada and our first in the country with Coronal. The project opens the opportunity to build our portfolio with clients seeking a one-stop-shop for expertise in solar PV engineering, construction, finance, operations and management—a streamlined, renewable energy solution that is an efficient and reliable platform to lower energy costs,” said Panasonic Eco Solutions Canada Managing Director Walter Buzzelli.
“The Balsam Lake Solar Project underscores the efficacy of our renewable energy platform for the commercial, industrial, municipal and small utility markets throughout North America,” said Coronal’s CEO and Managing Director Jonathan Jaffrey. “We see enormous potential in Canada and will be opening an office to support projects in collaboration with Panasonic Eco Solutions Canada.”
“We are confident that the Panasonic – Coronal team brings the expertise, efficiency and acumen of a global brand needed to drive the successful completion of the Balsam Lake Solar Project,” said Balsam Lake Green Energy President Dennis Zaidi. “Their one-stop-shop approach to solar energy complements and extends our commitment to creating green energy and green jobs in Ontario, and gives us peace of mind knowing that this project will provide clean energy for years to come.”
“We are excited to implement our financing solution and M&A skill set in collaboration with Panasonic’s Canadian subsidiary. We are also thrilled to close on the first of what we expect will be a substantial number of acquisition and partnership opportunities with Mr. Zaidi and the Balsam Lake Green Energy team,” said Coronal Managing Director and General Counsel Tom Paschall.
About Panasonic Eco Solutions Canada Inc.
Panasonic Eco Solutions Canada Inc. is the Canadian arm of a global team within Panasonic Corporation. Its mission is to become the leader in the deployment of renewable, smart energy systems in Canada. Panasonic provides reliable and bankable, end-to-end turnkey solutions, enabling all the required elements for renewable solar and energy storage initiatives, including full installation, financing, long term assurance and operations and maintenance.
About Coronal Group LLC
Coronal Group is an alternative energy firm that finances and operates solar PV projects for institutions, municipalities, corporations and non-profit organizations throughout the U.S., Canada, Puerto Rico and South America. The Coronal team, which brings more than 80 collective years of successful asset and investment management experience, and a strong record of solar project development, has been recognized by the White House Office of Innovation and Civic Participation as thought leaders in the solar industry.
Coronal and Panasonic have established a strategic relationship to deliver a comprehensive end-to-end solution to facilitate the development and commercialization of solar PV projects in the commercial, industrial, municipal and small utility markets from inception to commercial operation, services include construction and equity financing, to engineering, procurement and construction (EPC) and the operations and maintenance (O&M) of the systems. For additional information, please visit www.CoronalGroup.com.
About Balsam Lake Green Energy
Located in Toronto, Canada, Balsam Lake Green Energy was conceived by partners Dennis Zaidi and Themmy Pappas in 2010. It was created with the goal of demonstrating the potential profitability of clean, renewable energy and the hope of inspiring future entrepreneurs to engage in businesses that transform our economy into one that protects our security and address the daunting issue of climate change. As pioneers in the Canadian solar industry, Dennis and Themmy see a bright future in renewable energy for Canada and the world.