50% of First Light 1 Solar Park Complex Acquired by Skyline Clean Energy Fund from SunEdison

50% of First Light 1 Solar Park Complex Acquired by Skyline Clean Energy Fund from SunEdison

50% of First Light 1 Solar Park Complex Acquired by Skyline Clean Energy Fund from SunEdison


Skyline Clean Energy Fund ("SCEF") is an open-ended investment trust currently invested in large-scale, energy-producing projects across Ontario.  On June 3, 2019, Skyline Clean Energy Fund announced its acquisition of 50% of Stone Mills-based First Light 1 LP, a solar facility. This most recent acquisition by Skyline Clean Energy Fund represents another giant step towards expanding its portfolio of clean energy properties in Northwestern and Southern Ontario.  The acquisition was made from SunEdison. SkyPower Global remains the shareholder of the other half of the solar facility. As part of the acquisition deal, Skyline Clean Energy Fund also acquired the large 250 acres property upon which the solar facility is based. 

During its commissioning nearly a decade ago, First Light 1 solar park was applauded by SkyPower, SunEdison, and Energy Minister George Smitherman as a landmark project in the province of Ontario's nascent renewable energy initiatives.  The solar park that is First Light 1 LP features 126,000 solar panels spread across 90 acres of land.  When First Light 1 solar park was first built, it was Canada's largest solar complex as well as well as the first utility-scale solar park to be fully operational in Canada. At the time it was built, expectations were that it would generate nearly 10 million kWh of clean and renewable electricity per year, which is sufficient to provide energy for approximately 1,000 residential homes in the province of Ontario. 

For nearly 10 years, First Light 1 has played an instrumental role in generating electricity for the province of Ontario.  It did so, and will continue to do so for the remaining 10 years of a 20-year fixed-price contract it entered into with the government of Ontario under the province's Renewable Energy Standard Offer Program (RESOP), a precursor to the somewhat contentions Feed-in Tariff (FIT) Program.  Some authoritative sources affirm that First Light 1 met expectations in terms of the first 10-years of performance, and believe expectations will also be met for the 10 years that remain in the Agreement. 

50% of First Light 1 Solar Park Complex Acquired by Skyline Clean Energy Fund from SunEdison

Skyline Clean Energy Fund


Skyline Clean Energy Fund (SCEF) is an equity investment fund comprised of renewable energy-producing assets backed by long-term power purchase contracts. The Fund is targeting both stabilized and distressed assets offering accretive returns generated through stable cash flows in strong energy markets. The Fund’s Asset Manager aims to implement margin enhancement initiatives, manage system performance and improve system optimization to increase cash flows. By maximizing the performance, each asset increases in value leading to equity growth and the acquisitions of new assets.

Formed in 2017, the Skyline Clean Energy Fund is managed and operated by the Skyline Group of Companies, a Guelph, ON-based real estate acquisitions, management, and investment firm. The Fund is currently open to investment from accredited investors. It targets a 7.5% growth rate on investments, and investments are RRSP, TFSA, and RRIF eligible.

Comments