Recurrent Energy

Recurrent Energy

May 08, 2014 08:00 ET

Recurrent Energy Completes Portfolio of Nine Projects Totalling 101 MWp/74 MWac in Ontario, Canada

SAN FRANCISCO, CALIFORNIA and TORONTO, ONTARIO--(Marketwired - May 8, 2014) - Recurrent Energy, a leading North American solar project developer, today announced the commercial operation of three projects, totaling 32 MWp/23 MWac, in Ontario, Canada. These are the final three projects in a 101 MWp/74 MWac nine project portfolio acquired by Mitsubishi Corporation and Osaka Gas.

The electricity generated by the entire portfolio will be delivered to the Ontario Power Authority (OPA) through 20-year feed-in tariff agreements.

"I'm happy to congratulate Recurrent Energy, Mitsubishi Corporation and Osaka Gas on achieving this significant milestone. Ontario's green energy policies supporting solar power are creating thousands of jobs and are cleaning our air," said President and CEO of the Canadian Solar Industries Association John Gorman. "Solar energy has significant public support in Ontario, and the solar targets set by Ontario's Long Term Energy Plan will help provide stability to the industry in the near-term as the costs of solar continue to decline."

"With the completion of this portfolio, we are one step closer to helping the Province of Ontario realize its commitment to a clean energy future," said Arno Harris, CEO of Recurrent Energy. "These projects would not have been possible without the support of programs and policies that have enabled solar energy development."

The acquisition by Mitsubishi Corporation and Osaka Gas was completed upon the projects achieving their respective commercial operation dates, as agreed in June 2012. Commercial operation of the first six projects in the 101 MWp/74 MWac portfolio was announced in June 2013.

The nine projects, all located near Smiths Falls and Waubaushene, Ontario, have provided the communities with local investment and both short-term and long-term job creation. In total, the portfolio created more than 1,100 jobs. The entire 101 MWp/74 MWac portfolio is collectively expected to generate enough electricity to power approximately 12,300 homes in Ontario.

Including this portfolio, Recurrent Energy has developed 20 projects totaling 220 MWp/159 MWac in Ontario. The final project is expected to reach commercial operation in spring 2014.

About Recurrent Energy

Recurrent Energy is redefining what it means to be a mainstream clean energy company, with a fleet of utility-scale solar plants that provide competitive clean electricity. The company has more than 2 GW of solar projects in development in North America. Additional details are available at:

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