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After the start of commercial operation, the facility will convert to an 18-year amortizing term loan. Innergex has also entered into a financial derivative instrument to fix the interest rate until the maturity of the loan.
Construction on the Stardale plant begins in November 2010, and is expected to be completed during the first quarter of 2012. The ground-mounted plant will comprise 144,000 SolarWorld SW 230 polycrystalline PV modules and 54 inverters.
The capacity of the plant will be 27 MW-AC (33.2 MW-DC). Innergex will sell the electricity generated to the Ontario Power Authority (OPA, Toronto, Canada) through an OPA's Renewable Energy Standard Offer Program contract, for a fixed rate of CAN 0.42/kWh (USD 0.44/kWh) over 20 years.
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