The project is being funded by a combination of Markham’s own capital budget money and infrastructure stimulus funds provided through a funding partnership with the governments of Canada and Ontario.
Once operational, the new solar photovoltaic grid-tie system will generate revenue through the contracted sale of energy from the Ontario Power Authority (OPA) under the Feed-In-Tariff (FIT) program at a rate of $0.713/kWh.
From the annual revenue received by the system under the OPA FIT contract, Markham will pay down its capital budget investment portion within the first five years of operation and the remaining 15 years of the contract revenues are proposed to be reinvested in future Markham energy projects.
Ted Lattimore, CEO of Carmanah, said: “The new OPA FIT program presents a great opportunity for renewable energy companies. Carmanah’s long-standing history of successful solar installations across Canada and full-service design-build capabilities position us well to support FIT projects of any scale.”
