GE energy arm buys solar farms

The Ontario, Canada, projects total 50MW of solar power.

GE Energy Financial Services (GE EFS) has acquired three solar farms located in Ontario, a province of Canada, totaling 50 megawatts of solar power, according to a press statement.

EFS, the energy infrastructure investment division of General Electric (GE), made the acquisition with partner Alterra Power Corporation in a deal with Tempe, Arizona-headquartered First Solar, a publicly traded company and the largest solar panel manufacturer in the US.

GE EFS and Alterra Power, a renewable energy company based in Vancouver, formed the ‘ABW Partnership,’ a joint venture, in 2011. GE EFS has $18 billion in assets under management.

GE is the majority owner of ABW, which raised debt for the deal from lead arranger The Manufacturers Life Insurance Company and a syndicate of The Great-West Life Insurance Company, Sun Life Assurance Company and Caisse de depot et placement du Quebec.

The solar farms are in operation and selling energy to the Ontario Power Authority via a 20-year power purchase agreement. GE EFS has a $1.5 billion solar power portfolio. GE did not disclose the price of the transaction.