VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 14, 2013) - Solar Flow-Through Limited Partners ("Solar Flow-Through"), a limited partnership with offices in Vancouver and Toronto, reports that it raised $2,857,000 in Q4 2012 through a private placement. The funds will be used to develop and operate solar power generation projects in the Province of Ontario under the Ontario Power Authority's (OPA) Feed-in-Tariff (FIT) program. FIT contracts provide fixed purchase rates for solar power and are guaranteed by the OPA for 20 years.
Applications for 126 Projects Submitted to OPA
Together with its solar developer partners, Solar Flow-Through submitted 126 project applications for OPA contracts in January 2013. The applications totaled approximately 37 MW DC. FIT contracts are awarded by the OPA based on the OPA's Priority Points system for each project application. In order to increase the number of Priority Points for its projects, Solar Flow-Through partnered with two First Nation bands as well as one of Ontario's largest community co-ops.
Intent to Develop All Approved Projects with More Projects Planned
All projects submitted were commercial rooftops and were 600 kW DC or less ("Small FIT"), which is the limit set by the OPA for this round. The OPA has stated that its objective is to issue contracts by the end of March 2013. Solar Flow-Through intends to develop all projects submitted to the OPA that receive contracts using 20% equity and 80% debt. In addition to the 126 projects submitted by its partners, Solar Flow-Through intends to obtain economic interest in other solar developers' Small FIT projects that receive contracts from the OPA in this round.
Strategic Partner Network Enhances Large FIT Applications
The OPA has stated that submissions for contracts for projects in excess of 600 kW DC ("Large FIT") will occur later in 2013. Contracts will be awarded for these projects based on Priority Points again. Solar Flow-Through intends to leverage its existing strategic partner network of solar developers, First Nation bands and community co-ops to apply for contracts in the Large FIT round later this year.
Next Round of Financing for up to $10M
As a result of the success of its initial private placement in 2012, the number of project application submissions under Small FIT, and the opportunity to participate in the upcoming Large FIT program, Solar Flow-Through intends to conduct a second private placement in Q2 2013 for up to $10,000,000.
About Solar Flow-Through
Solar Flow-Through, a Canadian-based partnership with offices in Vancouver and Toronto, was formed to develop and operate solar photovoltaic (solar PV) power generation projects in the Province of Ontario. Solar Flow-Through's investment objective is to provide investors with favourable income tax benefits during the development phases of solar PV projects, followed by steady and attractive income once commercial operations begin. For more information, visit www.solarflowthrough.com.
ON BEHALF OF THE BOARD:
Matt Wayrynen, CEO
Solar Flow-Through 2012-I Limited Partnership