Invested to date
Term of loan
GREENHOUSE GASES AVOIDED EQUIVALENT TO 15 TONNES OF CO2 PER YEAR
369 MWH OF CLEAN ENERGY GENERATED ANNUALLY
CoPower investors have provided financing of almost $900,000 to three operational solar projects in Hamilton and Dundas, Ontario, including rooftop installations for the Hamilton-Wentworth District School Board office and a local antique and flea market, as well as a small ground-mounted installation.
All-together, the projects are expected to generate 369,926 kWh of emissions-free electricity annually, representing nearly 15 tonnes of CO2e avoided each year. Ontario’s Independent Electricity System Operator (IESO) will purchase the electricity under a 20-year Power Purchase Agreement via the province’s Feed-In Tariff (FIT) program, providing steady revenues to repay the loan and make interest payments to CoPower bondholders.
QPA Solar, a Hamilton-based solar development and engineering firm is the owner and operator of the projects. Since 2009, QPA has completed engineering, design and installation contracts for solar projects across Ontario including for the City of Toronto, Hamilton Community Housing and several Ontario school boards.
In addition to tangible carbon emissions reduction benefits, the financing enabled by CoPower investors supports the participation of communities in growing the distributed clean energy market. Along with QPA solar, the projects are part-owned by the Renewable Energy Community Co-operative (RECC) Hamilton, a community based clean energy cooperative with over 50 members in the Hamilton area.
Most importantly, the loan provided by CoPower Green Bond financing allows QPA to free up their own capital to invest in their next tranche of climate-change-fighting solar projects.