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Hanwha to Build Canada Solar Project for Fiera Axium

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(Corrects to remove reference to Hanwha unit in third paragraph.)

July 9 (Bloomberg) -- Hanwha Group, a closely held South Korean industrial conglomerate, agreed to build a solar power project in Canada for Fiera Axium Infrastructure Inc.

The Ontario Solar Photovoltaic Farm will be located at four sites in Ontario and is expected to have 42.5 megawatts of generating capacity, Seoul-based Hanwha said today in an e-mailed statement. It may produce enough energy to power 5,000 average Ontario homes a year, Hanwha said.

The projects will use solar panels manufactured in Ontario by Hanwha. The company in August agreed to buy Q Cells SE, a German solar cell manufacturer that was once the world’s largest.

Hanwha expects to begin construction in Ontario this month and complete the project in early 2014. The project’s cost wasn’t disclosed.

Fiera Axium is a Toronto-based private-equity firm that focuses on transportation and energy projects in Canada, according to data compiled by Bloomberg.

To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net