hRecurrent Energy sells Ontario solar projects to Japanese firms

Ecoseed 18 JUNE 2012. POSTED IN US

Recurrent Energy said it is selling half its portfolio of solar photovoltaic projects in Ontario to Mitsubishi Corporation and Osaka Gas.

The transaction involves approximately 100 megawatts of solar power from projects currently under development. The projects will provide enough power for approximately 10,000 homes, which will be purchased by Ontario Power Authority.

Mitsubishi Corporation and Osaka Gas intend to be equal investors in the purchase, while Recurrent Energy will retain a minority stake. Once the facilities operate commercially, the acquisition gets completed.

The acquisition forms part of the two Japanese companies’ attempts to expand their renewable power generation capacity on a global scale.

Recurrent Energy currently has a current portfolio of 200 MW of projects with Ontario Power Authority, which includes the projects under the transaction in question.

The Ontario Power Authority intends to double its supply of clean energy by 2025. They awarded Recurrent Energy 200 MW of ground-mount solar projects in about 20 locations in southern and central Ontario. Each of these projects has 20-year P.P.A. agreements with the power company.

Initial stages of project construction started in spring, with all of the acquired projects expected to be online in 2013.

All in all, the solar projects are expected to generate more than 210 million kilowatt-hours of energy in their first year, enough to power around 21,000 homes and prevent carbon emissions of around 47,000 metric tons. – EcoSeed Staff