GE, Plutonic buy into Ontario solar projects

Plutonic and GE Energy solar acquisition secures a 50-megawatt photovoltaic portfolio in Ontario from First Solar, advancing renewable energy, grid reliability, and cost-efficient utility-scale solar, with construction at Amherstburg, Belmont, and Walpole to begin.

General Electric and Plutonic Power Corporation are tapping into Ontario's solar power market.

Plutonic and GE Energy Financial Services, through a joint venture arrangement, are acquiring a 50-megawatt package of three photovoltaic solar facilities from First Solar Inc. Construction on the Amherstburg, Belmont and Walpole facilities will begin later this year, and First Solar will continue to develop and service the three.

“This transaction is GE Energy Financial Services' first solar investment in Canada, broadening our US $6-billion renewable energy portfolio and supporting our strong partnership with Plutonic,” GE Energy Financial Services Managing Director Mark Tonner said in a statement.

“We see significant growth potential for solar power worldwide, which continues to improve on technology costs and efficiencies, and helps balance wind-generated power output, which peaks at different times.”

Vancouver-based Plutonic, which previously committed to a Canadian wind farm with GE Energy Financial Services, said the facilities together will generate enough electricity to power 6,300 Ontario homes.

The sale was the second major news Tempe, Ariz.-based First Solar made, after the company announced it will collaborate with the state-owned China Guangdong Nuclear Solar Energy Development Co. on a solar photovoltaic plant in the Chinese coal-mining city of Ordos.

In related industry activity, PSEG acquired two power plants from Canadian Solar, highlighting ongoing consolidation.

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