VioSolar and SCAIAP will establish the VioSolar Opportunity Fund, which will manage the funds for the development of the solar parks.
The funding will reportedly be an off-balance-sheet event and VioSolar will retain a 50% interest in the profits generated by the fund.
Rick Walchuk, president and CEO of VioSolar, said: I am very pleased with the result of the negotiations we had with Peter Herold, founder of SCAIAP, and his team and the subsequent signing of this letter of intent.
