Recurrent Energy Completes Portfolio of Nine Projects Totalling 101 MWp/74 MWac
in Ontario, Canada
SAN FRANCISCO, CALIFORNIA AND TORONTO, ONTARIO -- (Marketwired) --
05/08/14 -- 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
"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 commercia
l 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: www.recurrentenergy.com.
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