Perimeter Solar and TC Energy Sign Canada’s Largest Private Solar Power Purchase Agreement
June 24, 2020
Perimeter Solar is announcing that it has signed Canada’s largest privately negotiated solar energy supply agreement with North American energy company, TC Energy Corporation. Perimeter obtained the agreement with the assistance of EDC Associates of Calgary, Alberta and Ventum Real Asset Finance of Toronto.
Earlier this month, Perimeter’s project-dedicated company, Claresholm Solar Inc., formalized the agreement with TC Energy to supply 74.25 megawatts (MW)- AC of electricity from its 130 MW-AC photovoltaic (PV) project located near Claresholm, Alberta. Delivery of energy under the supply agreement will begin following commercial operation of the project, which is targeted for the end of September 2020. The contract comes on the heels of the Claresholm Project receiving all of its regulatory approvals from the Alberta Utilities Commission, enabling construction to begin prior to the end of 2019.
Perimeter’s team and its equity partner Obton A/S of Denmark are excited to have reached this major milestone with the project.
Solar PV can be a very valuable addition to the electricity supply mix. This is because the energy is injected into the grid when demand and power pool prices tend to be the highest in Alberta. By taking advantage of the declining costs of solar technology and efficiency gains, Perimeter is able to supply the electricity at a cost that is below current and forecasted electricity prices.
