StorageMart, a self-storage operator with more than 130 facilities across the United States and Canada, recently signed an agreement with JCM Capital to install 640,000 square feet of solar collectors on the roofs of its Toronto properties. Engineering work is under way, and installation should proceed during the first quarter of 2012.
Once installed, the solar panels will generate approximately 3 megawatts of power per year. "We look forward to the completion of this project, which will be one of the largest solar-generation projects on self-storage in North America,” said Mike Burnam, CEO.
In 2009, the province of Ontario launched the Feed-in-Tariff (FIT) Program, North America’s first comprehensive guaranteed-pricing structure for renewable-electricity production. It offers stable prices under long-term contracts for energy generated from renewable sources including biomass, biogas, landfill gas, on-shore wind, solar photovoltaic and waterpower.
Enabled by the Green Energy and Green Economy Act of 2009, the FIT Program is being implemented by the Ontario Power Authority, which purchases energy generated from renewable sources. The program aims to phase out coal-fired electricity generation by 2014, boost economic activity and the development of renewable-energy technologies, and create new green industries and jobs.
In addition to this its environmental effort, StorageMart supports charities in the communities in which it operates, including Habitat for Humanity, Ronald McDonald House, adoption and foster programs, animal-rescue missions, and others. The company also funds the ScholarSmarts program, which awards $10,000 in higher-education scholarships annually.
JCM Capital is a boutique investment firm that focuses exclusively on financing in the solar-energy industry. Through an international network of industry partners, the company provides a full range of capital across the development spectrum. Past transactions include development loans, acquisitions, take-out equity and long-term debt.