Under a 10-year fixed-price contract, Mondial will pay for, own and maintain the solar thermal panels, and The Hospital for Sick Children (SickKids) will purchase solar thermal energy from Mondial Energy, earthtimes.org reported.

The energy will be used to supplement the hospital's hot-water system. Mondial will meter the energy delivered to the hospital's domestic hot-water system and enable real-time monitoring of this data by the hospital. Mondial officials say they expect the solar panel system to offset more than 750,000 lbs of steam per year from 92 panels installed.

"SickKids strives to achieve operational excellence at all levels of the organization," Anne Marie Christian, vice president of facilities and patient support, said in a statement. "We are also pleased that the new solar thermal system is also environmentally friendly."

SickKids, affiliated with the University of Toronto, is Canada's most research-intensive hospital and the largest center dedicated to improving children's health in the country. The hospital improves the health of children by integrating care, research and teaching.

Company officials expect construction to be completed by mid-September.