Fiera Axium Infrastructure to acquire equity interest in 108 MWp solar PV
portfolio from Recurrent Energy
TORONTO, Oct. 8, 2013
TORONTO, Oct. 8, 2013 /PRNewswire/ - Fiera Axium Infrastructure Canada II L.P.
is pleased to announce that it has entered into an agreement to acquire an
equity interest in a portfolio of ground-mounted solar photovoltaic (PV)
projects from Recurrent Energy, a leading North American solar project
The portfolio comprises ten solar projects which are located near Barrie and
London, Ontario, that will have aggregate generation capacity of 108 MWp. The
solar projects are being developed by Recurrent Energy under the Ontario
government's Feed-in-Tariff (FIT) program, and will sell power to the Ontario
Power Authority pursuant to 20-year Power Purchase Agreements. During their
first year of operation, the projects are collectively expected to generate
enough energy to power more than 12,800 homes in Ontario.
Fiera Axium Infrastructure Canada II L.P. will acquire a 50% equity interest
in eight of the projects (86 MWp), with Metropolitan Life Insurance Company
(MetLife) acquiring the remaining 50% equity interest. Fiera Axium
Infrastructure Canada II L.P. will acquire a 100% equity interest in the
remaining two projects (22 MWp).
The acquisition will be completed upon the projects achieving their respective
commercial operation dates.
All ten projects are currently under construction and are targeting commercial
operation by early 2014. Construction of the projects will be partially
financed through an institutional senior debt facility underwritten by Sun
Life Assurance Company of Canada and National Bank Financial.
About Fiera Axium Infrastructure Inc.
Fiera Axium Infrastructure Inc. is an independent portfolio management firm
dedicated to generating, long-term investment returns through investing in
core infrastructure assets. Fiera Axium manages two dedicated infrastructure
funds having in excess of $800 million in assets under management. The firm
combines the capabilities of a group of specialists with decades of combined
experience acquiring, developing, financing, operating and managing
infrastructure assets, with the fund management expertise of one of Canada's
leading independent fund managers in Fiera Capital Corporation (TSX: FSZ).
Fiera Axium Infrastructure is jointly controlled by Fiera Capital and Axium
About Fiera Axium Infrastructure Canada II L.P.
Managed by Fiera Axium Infrastructure Inc., Fiera Axium Infrastructure Canada
II L.P. ("Fund") is an open-ended infrastructure fund focused on direct
investment in both operational and greenfield development opportunities. The
Fund seeks to invest in core energy, transportation and social infrastructure
assets across Canada. Focus is placed on assets that are supported by robust
market demand, under long-term contract with creditworthy counterparties,
within concession-based structures or under a regulated framework. In
addition to its equity commitment to the 108 MW Recurrent Energy solar
photovoltaic portfolio, the Fund holds equity interests in: (i) the 235 MW
Toba Montrose run-of-river hydroelectric facilities located on the East Toba
River and Montrose Creek in British Columbia; (ii) the 144 MW Dokie wind power
project located in Peace River, British Columbia; (iii) a 679 MW portfolio of
renewable energy assets located across British Columbia, Ontario, Prince
Edward Island and New Brunswick; (iv) a 42 MW portfolio of ground-mounted
solar photovoltaic projects currently under construction in Northern Ontario;
and (v) a 23,400m2 detention centre public-private partnership project located
in Sorel-Tracy, Quebec.
SOURCE Fiera Axium Infrastructure
Vice President and Senior Investment Director
Fiera Axium Infrastructure Inc.
One Adelaide Street East, Suite 600, Toronto, ON M5C 2V9
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