Kontrol to acquire up to 20 MW of solar assets under FiT Program
Kontrol Energy has entered a Letter of Intent (LOI) to acquire up to 20 megawatts (MW, net) of solar power generation assets, consisting of multiple solar energy generation sites operating across Ontario, Canada. All sites are under long-term power purchase agreements (PPAs) with the Government of Ontario Feed-in Tariff program as managed by the Independent Electricity System Operator (IESO).
The IESO has an Issuer Credit Rating of 'A' and 'Aa2' from DBRS and Moody's respectively. Combined, the solar energy generation sites produce approximately $10 Million of annual recurring revenue and $7.5 Million of annual recurring EBITDA. The approximate net distributable cash flow after all expenses is approximately $3 Million per annum in recurring cash flows for the next 18 years.